Ministry of Corporate Affairs issued a recent notification dated 22nd January, 2019 in continuation of notification issued by Ministry of Micro, Small and Medium Enterprises dated 2nd November, 2018 for filling of half yearly return by specified companies.
Ministry of Corporate Affairs given a push back to the notification issued by Ministry of Micro, Small and Medium Enterprises dated 2nd November, 2018. On 22nd January, 2019 MCA notified the Section 9 of MSMED Act, 2006 in Companies Act 2013 vide exercised its power under Section 405 of the Companies Act, 2013.
Provision said “Every Specified company shall file in MSME Form I details of all outstanding dues to the Micro or Small Enterprises existing on the date of notification of this order within 30 days from the date of this notification.
Every Specified company shall file a return as per MSME Form I annexed to this order, by 31st October for the period from April to September and by 30th April for the period from October to March.
“Specified Companies” All the Companies who get supplies of goods or services from Micro or small enterprises and the payment not made with-in 45 days from the date of acceptance or the date of deemed acceptance of goods or services.
“Date of acceptance” means,—
(a) the day of the actual delivery of goods or the rendering of services; or
(b) where any 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 on which such objection is removed by the supplier;
“Date 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;
“Any class or classes of enterprises, whether proprietorship, Hindu undivided family, association of persons, co-operative society, partnership firm, company or undertaking, by whatever name called”
In case of Entity engage in Manufacturing or Production
If the entities engage in manufacture or production of goods pertaining to any industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951),
|Investment in Plant and Machinery not exceeding Rs. 25 Lakhs.||Investment in Plant and Machinery exceeding Rs. 25 Lakhs but not exceeding Rs. 5 crores|
For the removal of doubts, it is hereby clarified that in calculating the investment in plant and machinery, the cost of pollution control, research and development, industrial safety devices and such other items as may be specified, by notification, shall be excluded.
In case of Entity engage in providing or rendering of services
|Investment in equipments not exceeding Rs. 10 Lakhs.||Investment in equipments exceeding Rs. 10 Lakhs but not exceeding Rs. 2 crores|
Basically the notification provides all outstanding dues to Micro or Small enterprises on the date of notification. However, the date for the starting of the period Is no specified. Therefore all companies have the total outstanding dues on 22nd January, 2019 from the incorporation date, shall file the return.
Schedule of Filling of further Form MSME I
|S No.||6 Months period||Due date of filling|
|1.||1st April to 30th September||31st October every year|
|2.||1st October to 31st March||30th April every year|
Details to be filed with MCA in the Form are-
1. The amount of payment due; and
2. The reasons of the delay;
Last date for filling of the Form: 21st February, 2019