{"id":16531,"date":"2021-01-05T14:59:16","date_gmt":"2021-01-05T09:29:16","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=16531"},"modified":"2021-12-16T14:44:40","modified_gmt":"2021-12-16T09:14:40","slug":"msme-expectations-for-cfss-scheme-in-2021","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/msme-expectations-for-cfss-scheme-in-2021\/","title":{"rendered":"MSME expectations for\u00a0CFSS scheme in 2021"},"content":{"rendered":"

The CFSS scheme – the \u2018Companies Fresh Start Scheme 2020\u2019 brought hope to defaulting companies all over India.<\/p>\n

But now, they desperately want the Government to extend the scheme by a few weeks or months.<\/p>\n

What is the CFSS scheme?<\/h2>\n

Every company operating in India needs to follow norms laid out by the Government – from annual return filing, filling financial statements, books of accounts and other documents.<\/p>\n

If the company fails to upload these documents, they are fined a penalty fee and categorized as ‘defaulting companies’. To help businesses cope with COVID-19, the ‘Companies Fresh Start Scheme’ was launched by the Ministry of Corporate Affairs to relieve compoanies of heavy compliance duties till 31st December 2020.<\/p>\n

The CFSS scheme allows businesses to make good any filing-related defaults, irrespective of date, duration of default – and make a fresh start as a completely compliant entity.<\/p>\n

Who benefits with the CFSS scheme?<\/h3>\n

Any company that defaulted on documentation and compliance are permitted to file the belated documents on the Ministry of Corporate Affairs<\/a><\/span> website.<\/p>\n

Forms to file under the CFSS scheme?<\/h5>\n

All companies availing this scheme should file forms –<\/p>\n

    \n
  1. E-form CFSS 2020<\/a><\/li>\n
  2. FormAOC 4 – Financial statements<\/li>\n
  3. MGT 7 – Annual Returns<\/li>\n<\/ol>\n

    Why are companies requesting an extension of the scheme?<\/h3>\n

    Several companies went to the Ministry of Corporate Affairs website to file their documents on the last date, but the website crashed. Many business owners took to social media to address their grievance since the delay caused huge penalty fees.<\/p>\n

    \n

    MCA portal is crashed and not responding at all. Challan not generating. Instead of extension to CFSS scheme & settlement Scheme, govt has imposed a 40k fine. @nsitharaman<\/a> @nsitharamanoffc<\/a>#EaseOfDoingBusiness<\/a><\/p>\n

    \u2014 Abhishek Singhvi (@DrAMSinghvi) January 2, 2021<\/a><\/p><\/blockquote>\n