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:
- Amount of Payment Due
- The Reason for Delay
