Penalty for delay in Filing Form MSME-1

Studycafe | Apr 30, 2021 | Views 1290989

Penalty for delay in Filing Form MSME-1

Penalty for delay in Filing Form MSME-1

As per Section 405(4)

  • If any company fails to comply with the requirement of filing Form MSME-1, the company and every officer of the company who is in default shall be liable to a penalty of twenty thousand rupees
  • and in case of continuing failure, with a further penalty of one thousand rupees for each day after the first during which such failure continues, subject to a maximum of three lakh rupees.

That means in the case of Non-filing of Form MSME-1:

  • The penalty of twenty thousand rupees &
  • a further penalty of one thousand rupees for each day

can be levied.

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