CA Vivek Agrawal
On 2nd November, 2018 Central Government 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.
In exercise of the powers conferred by section 405 of the Companies Act, 2013 the Central Government hereby makes Order may be called the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019.
It shall come into force from the date of its publication in the Official Gazette i.e 22nd January 2019.
Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises:
1. Suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification i.e by 21st February 2019.
2. Then by 31st October for the period from April to September and by 30th April for the period from October to March every year.
Requirement of Form I are as follows:
1. Corporate Identity Number (CIN) of company
2. Permanent Account Number (PAN) of company
3. Email id of the company
4. Initial return of outstanding dues to Micro or Small Enterprises Suppliers –
a. Total outstanding amount due as on 22.01.19
b. Break-up of (a) with respect Financial year, Name with PAN of supplier and Amount due along with the date from which it is due
5. Regular return of outstanding dues to Micro and Small Enterprises Suppliers –
a. Total outstanding amount during April to September/October to March
b. Break-up of (a) with respect Financial year, Name with PAN of supplier and Amount due along with the date from which it is due
6. Reasons for delay in amount of payment due.
7. Form needs to be digitally singed by Director/CEO/Manager/Company Secretary.
