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.