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.