MICRO AND SMALL ENTERPRISES- COMPLIANCE

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MICRO AND SMALL ENTERPRISES- COMPLIANCE

MICRO AND SMALL ENTERPRISES- COMPLIANCE

DATE OF NOTIFICATION- 22nd January 2019

The Micro- Small and Medium Enterprises (MSMEs) are small sized entities, defined in terms of their size of investment.  They perform a critical role in the economy by providing employment to a large number of unskilled and semi-skilled people, contributing to exports, raising manufacturing sector production and extending support to bigger industries by supplying raw material, basic goods, finished parts and components, etc.

Classification of enterprises-

Manufacturing Sector
Enterprises Investment in plant & machinery
Micro Enterprises Does not exceed 25 lakh rupees
Small Enterprises More than 25 lakh rupees but does not exceed 5 crore rupees
Medium Enterprises More than 5 crore rupees but does not exceed 10 crore rupees
Service Sector
Enterprises Investment in equipments
Micro Enterprises Does not exceed 10 lakh rupees:
Small Enterprises More than 10 lakh rupees but does not exceed 2 crore rupees
Medium Enterprises More than 2 crore rupees but does not exceed 5 crore rupees

Conditions for filing return with MCA

Purpose of MSME I Return:

Provide details of “Amount of Payment due and Reason of delay” to the Registrar of the Companies.

Period to be covered:

Date of Notification Due Date
22nd January, 2019 21th February 2019
23rd February 2019 ( MCA extended due date of filling of MSME – 1 Return ) MCA has clarified that the due date for filing of initial return in Form MSME-I has been extended, now the period of 30 days shall be reckoned from the date of deployment of Form MSME-I on MCA   21 Portal.

 

 

Due date for half yearly return:

 

Return Period Due Date
MSME  Form – 1 April to September 31st October
MSME Form – 1 October to March 30th April

 

Penal interest:

Punishment for any information statistics which is incorrect or incomplete in any material respect:

Particulars Penalty
On defaulting company Extended Up to  Rs. 25,000/-
Every Officer who is in default Minimum Fine Rs. 25,000/- which may extended to Rs. 30,000/-

Or

Imprisonment which may extended to 6 Months or Both

Following details should be provided:

  1. Amount of Payment Due
  2. The Reason for Delay

 

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