Specified Companies (Furnishing of Information about payment to micro and small enterprises suppliers) Order, 2019-MSME Form I Compliance

Overview:- With a view to support Micro, Small and Medium Enterprises (MSMEs), the Ministry of Corporate Affairs (MCA) has recently issued a notification directing all companies that obtain supplies of goods/services from Micro and Small Enterprises to furnish and submit a one-time return (and subsequently every half year) with the MCA stating the following:
(1) The amount of payment due; and
(2) The reasons for the delay
with respect to such Micro and Small enterprises in a new e-Form MSME 1.

Date of notification: January 22, 2019

Applicability: To all the companies who get supplies of goods or services from micro and small enterprise and whose payment to micro and small enterprise suppliers are outstanding for over 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

Reporting and due dates:

(1) For one-time reporting:- The first return in MSME Form 1 has to be filed by every specified company furnishing the details of all outstanding dues to Micro and Small enterprises suppliers existing as on the date of notification of this order i.e. January 22, 2019 within thirty days from the date of publication of this notification (However, the form is yet to be made available by the MCA and therefore, such 30 days will now be considered from the date the form is made available by the MCA).

(2) Half yearly return:- For the regular half yearly return in MSME Form 1 it has to be filed by every specified company as per the following timeline:-
• For the period April to September:- by 31st October of the same year
• For the period October to March:- by 30th April of the same year

Information to be furnished in MSME Form I:-
(1) Outstanding amount due to micro and small enterprises as on 22.01.2019 (for the one time return) and outstanding amount during the period April to September/October to March (for half yearly return).
(2) Name of Suppliers
(3) PAN of Suppliers
(4) Date from which the amount is due
(5) The reasons of delay in payment

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