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.
Every specified company shall file in MSME Form I
It is effective from January 22, 2019
There are two types of Returns:
(a) One time
(b) Half yearly returns
April to September: File latest by 31st October every year
October to September: File latest by 30th April every year
For Initial Return:
(a)Total outstanding amount due as on date of notification of this order (January 22, 2019)
(b).Particulars of the name of suppliers and amount of payments due
(c ) Reasons for Delay in amount of payments due
For Regular Return on Half Yearly Basis:
(a) Total outstanding amount due from April to September or October to March as the case may be
(b) Particulars of the name of suppliers and amount of payments due
(c )Reasons for Delay in amount of payments due
In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:
1. Manufacturing Enterprises-he enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise are defined in terms of investment in Plant & Machinery.
2. Service Enterprises:-The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment..
The limit for investment in plant and machinery / equipment for manufacturing / service enterprises, as notified,vide S.O. 1642(E) dtd.29-09-2006 are as under
|Enterprises||Investment in plant & machinery|
|Micro Enterprises||Does not exceed twenty five lakh rupees|
|Small Enterprises||More than twenty five lakh rupees but does not exceed five crore rupees|
|Medium Enterprises||More than five crore rupees but does not exceed ten crore rupees|
|Enterprises||Investment in equipments|
|Micro Enterprises||Does not exceed ten lakh rupees:|
|Small Enterprises||More than ten lakh rupees but does not exceed two crore rupees|
|Medium Enterprises||More than two crore rupees but does not exceed five core rupees|
Explanation (i) to Section 2(b) of the Act provides that day 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
Explanation (ii) to Section 2(b) of the Act provides that day of acceptance means the day of the actual delivery of goods or the rendering of services, 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.
From the above it is clear that we need to look at each and every aspect of the notification before finalizing reporting data.
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