Subsequent to the Notification given by the Ministry of MSME on 02nd November 2018, now the Ministry of Corporate Affairs have issued a gazette notification dated 22/01/2019 mandating all the Specified Companies shall file details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification in MSME Form I.

https://taxguru.in/company-law/companies-furnishing-information-payment-micro-small-enterprise-suppliers-order-2019.html

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.

Details of this Notification

1. Whether all the Companies have to file the Initial Return within 30 days from the Date of publication of this Notification?

 Every Specified Companies who gets 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 the MSME Act 2006 Shall file the Initial Return in MSME Form I with Ministry of Corporate Affairs within 30 days from the date of Publication of this Notification.

2. What is mean by Specified Companies?

 All the 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 (27 of 2006) are referred as “Specified Companies”.

3. What are the details required to be collected from the MSME suppliers before filing the return with Ministry of Corporate Affairs by the Companies?

1. Certificate of Registration (UdyogAadhar) Issued by the Ministry of Micro Small and Medium Scale Enterprises to the MSME to ensure that the concerned entity is an MSME.

2. Copy of Pan Card of the MSME

4. What are the details required to be filed about the MSME suppliers while filing the return with   Ministry of Corporate Affairs by the Company?

1. Financial Year in which the Amount Fell due

2. Total Amount due

3. Date on which the Amount fell due etc.

5. Any further Returns is required to be filed by the Company after filing the Initial Return?

Yes, after filing the Initial Return every specified company who gets 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 the MSME Act 2006 shall file the half yearly returns for the period ended April to September and October to March every year.

6. What is the due of filing the Half Yearly Returns?

1. For the period from October to March The Due Date is on or before 30th April of every year

2. For the period from April to September The Due Date is on or before 31st October of every year.

7. Who has to sign the Returns in this e-form MSME I?

The following Managerial Personnel of the Company is authorized to sign and submit the e form with the Registrar of the Companies in whose Jurisdiction the Company’s registered office is situated.

1. Director of the Company whose din number is in Active status and not a disqualified Director under the Companies Act 2013.

2. Chief Executive Officer of the Company

3. Manager of the Company

4. Company Secretary of the Company.

DISCLAIMER: The above information is the personal interpretation of notifications issued by MCA of Mr. S.K. Gaur for general guidance and academic point of view.

Author Bio

Name: S.K. Gaur
Qualification: CS
Company: S.K. Gaur & Associates
Location: DELHI, New Delhi, IN
Member Since: 06 Feb 2019 | Total Posts: 2

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