MSME Form-1 of MCA: Applicability, Due Date, Fees and Penalty

MSME Form-1 provides information regarding outstanding payments as well as delays in payment to any MSME enterprise for a period exceeding 45 days. This form deals with the default by companies for payments to the MSME vendors. It becomes applicable if a company has MSME registered vendors and the payment to such vendor is outstanding for more than 45 days. If the above conditions are satisfied, then the company shall file MSME Form-1 regardless of the type of company. The company shall make payment to the MSME vendor within 45 days after the acceptance of goods and services. You can also analyse the acceptance of goods and services from the date of invoice. Following were the explicit provisions for MSME Form-1 of MCA. In case of any assistance, feel free to contact the ASC Group.