Following is brief write-up regarding MSME Form I which has to be filed by some specified companies.
The major part is to understand how will I identify a company, whether it is small or micro enterprise?
Some companies mention in there invoices that they are micro or small enterprises or one can take a declaration from suppliers whether they fall under the category of Micro or small enterprise. This would be helpful to them to classify enterprises/suppliers.
|Applicability||It is applicable to companies who get supplies of goods or services from micro and small enterprises suppliers and whose payments to micro and small enterprises suppliers exceeds forty-five days from the date of acceptance or date of deemed acceptance of goods or services. Such companies are referred to as “specified Companies”.
As per explanation to Section 2 (i)(b) of MSME Act 2006 “Date of acceptance” means day of actual delivery of goods or rendering of services or where any objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the day of delivery of goods or rendering of services, the day on which objection is removed by supplier.
“day of deemed acceptance” means where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services;
|Initial Return||Specified companies have to give details of payments to be made to Micro and Small enterprises that are exceeding 45 days as on 22nd January 2019 (date of notification of order).
The details of amounts due and reasons for delay are to be given in specified form “MSME form I”
This form is to be filed within 30 days of publishing of the notification on official gazette. It is published on 22nd January 2019
|Half-yearly Return||After this all specified companies have to file half yearly return by 30th April (for period of October to March) and by 31st October (for period from April to September).|