Recently the MCA has announced certain compliance to be met by the registered companies. Here we are discussing about which companies are required to file, due date of filing, consequences of non-filing & what details would be required to file form MSME-1 and INC 22A
A. MSME Form-1
MCA has directed all the companies who get supplies of goods or services from Micro, Small & Medium Enterprises (MSMEs) to report & file MSME form-1, if the payments for such procurements has exceeded beyond 45 days the date of acceptance of goods or services.
Further MSME is categorized as follows:
|Manufacturing(Investment in Plant & Machinery)
|Below Rs. 25 lakhs
|Rs. 25 lakhs but does not exceed Rs.5 crore
|Rs.5 crore but does not exceed Rs.10 crore
|Services(Investment in equipment (Original Cost) excluding Land & Buildings, Furniture & Fixtures and Other items not related to services rendered.)
|Below Rs. 10 lakhs
|Rs. 10 lakhs but does not exceed Rs.2 Crore
|Rs.2 crore but does not exceed Rs.5 crore
1. Frequency of return filing
- Initial return: To be filed within 30 days from the date the form in available on the MCA portal
- Half yearly return: For the period April to September- By 31st October & By 30th April for October to March.
2. Details & Documents required
- Outstanding amount as on date of notification of the order
- Details of supplier: PAN, Name and date from which amount is due / age of outstanding amount.
- Reason for delay in payment
3. Penalty for non-filing
- To Company – up to Rs. 25000
- Directors, CFO & CS – Imprisonment 6 months & fine Minimum Rs. 25000 and up to Rs. 3,00,000 per person.
B. Form INC 22A-Active
MCA has mandated the tagging of Active companies. Every company formed on or before 31st December 2017 must file the particulars of the company and its registered office in INC 22A- ACTIVE (Active Company Tagging Identities and Verification). This form should be filed on or before 25th April 2019
1. Details & documents required
- Photo of the registered office of the company with one Director/KMP who has affixed his digital signature to the form (showing external building & inside office)
- Email id of the company
- Number of Directors
- Details of Directors
- Details of Statutory auditor
- Details of cost auditor, if any.
- Details of the Managing director or Chief Executive Officer (CEO) or Manager or Whole-time Director of the company.
- Details of Company Secretary of the Company.
- Details of CFO of the company.
- Details of form AOC-4 & MGT-7 filed for FY 2017-18.
2. Companies not required to file INC 22A
Following companies are not required to file the form:
- Struck off Companies or Companies under the process of striking off
- Company under Liquidation or amalgamation or dissolution.
3. Consequences for non-filing
- Defaulting companies shall be marked as “Active-Non-compliant” and shall be liable for action under the Act.
- Company would be restricted from filing event-based forms such as the forms for change in authorized capital, change in paid up capital, change in directors except cessation, change in registered office etc.
In order to revive the company as “Active Compliant”, there would be a penalty of Rs 10000.
The author is a CA in practice at Delhi and can be contacted at: E-mail: email@example.com, Mobile: +91-9811741451)
Disclaimer: The above article is only for the purpose of academic discussion and should not be construed as any legal opinion in any matter whatsoever.