MSME Returns
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MSME registration, also known as Udyog Aadhar or Laghu Udyog, categorizes enterprises into micro, small, or medium based on their investments in either the manufacturing or service sector. This classification helps streamline support and benefits for businesses of varying scales within the Micro, Small, and Medium Enterprises framework.
One of the primary advantages of obtaining MSME registration in India is the provision of a unique identification number, which enhances the business's recognition. The MSME sector plays a pivotal role in the country's economic landscape, contributing significantly to various key metrics. According to MSME data, this sector accounts for approximately 50% of total exports, generates 45% of industrial employment, and comprises about 95% of industrial units producing a diverse range of over 6000 products. The growth of MSME industries not only fosters economic development but also addresses unemployment by providing substantial employment opportunities for both unskilled and semi-skilled workers. Additionally, businesses registered under MSME are commonly referred to as Small-Scale Industries (SSI).
This form encompasses the necessary details needed to disclose information pertaining to outstanding payments owed to Micro and Small Enterprises registered under MSME. Entities are required to submit the semi-annual return through MSME Form 1 to the Registrar of Companies (ROC) for the purpose of reporting pending payments.
This notification requirement arises to safeguard the interests of small companies or businesses, ensuring their protection and promoting fair and timely settlements within the specified regulatory framework.
As per Section 405 of the Companies Act, 2013 (18 of 2013), the Central Government mandated that all registered entities must provide information regarding outstanding payments to micro and small enterprise suppliers through specified forms -
The initial return in Form MSME 1 was a one-time requirement upon the publication of the notification in 2019. However, the subsequent half-yearly return in Form 1 is now mandatory for submission to the Ministry of Corporate Affairs (MCA) every financial year by all companies that engage in the supply of goods or services with Micro or Small Enterprises. This return is crucial for transparently showcasing any outstanding payments to these enterprises, especially those pending for more than 45 days from the date of acceptance or acceptance. The submitted information should include the following key points:
Companies are obligated to submit MSME Form I within 30 days, encompassing comprehensive details of outstanding dues to Micro and Small Enterprises. This filing should be completed within 30 days of the E-form being deployed on the MCA portal.
This forms relates to the outstanding payments to Micro, Small and Medium enterprise suppliers. Due date to file this form -
| Filing Period | Due date of Filing |
|---|---|
| From April to September | 31st October |
| From October to March | 30th April |
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