Ministry of Corporate Affairs has notified MSME Form I vide an order-“Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019” on 22nd January, 2019.
The Central Government vide notification number S.O. 5622(E), dated 2nd November, 2018 directed that all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (hereafter referred to as “Specified Companies”), shall submit a half yearly return to the Ministry of Corporate Affairs stating the following: (a) the amount of payment due; and (b) the reasons of the delay.
Every specified company is required to file a return in MSME Form I:
i) 31st October- April to September
ii) 30th April- October to March.
Every specified company will file the return of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification (i.e. on 21st February, 2019).
Click here for the order.
