MCA rolls out format in which Companies receiving supplies of Goods and Services from MSMEs must file returns to report payments due to MSMEs
As reported earlier, the Ministry of Micro Small and Medium Enterprises (“MSME”) had in a notification dated 2nd November, 2018, made it mandatory for companies procuring goods or services from micro and small enterprises and making payments exceeding 45 days from the date of acceptance or the date of deemed acceptance of the goods or services (such companies are now known as “Specified Companies”) to file/submit a half-yearly return to the Ministry of Corporate Affairs (MCA) regarding the same.
With a view to implement this, the Ministry of Corporate Affairs (MCA) has recently in a notification dated 22nd January, 2019 issued the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 (“Order”), which specifies the timeline and the format in which the half-yearly returns is required to be filed.
As per the Order, a Specified Company is required to:
- File in MSME Form I, details of all outstanding dues to Micro or small enterprises suppliers existing on 22.01.2019, within 22.02.2019.
- File a return as per MSME Form I, by 31st October for the period from April to September and by 30th April for the period from October to March.
[The form in which the details required to be mentioned in point 1 and 2 above is the same, as it is a common form issued under Order 2 and Order 3.]
Source: Ministry of Corporate Affairs