IN VIEW OF PROMOTION, DEVELOPMENT AND ENHANCEMENT OF COMPETITIVENESS OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSME)

 Ministry of Micro, Small and Medium Enterprises issued 2 notification on 02nd November, 2018.

1. Notification No. S.O. 5621(E).- dated 02ND November, 2018 issued by Ministry of Micro, Small and Medium Enterprises.

Integration of companies having turnover more than Rs. 500 crores and all Central Public Sector Enterprises (CPSE) with the Trade Receivables Discounting System Platform (TReDS) setup by Reserve Bank of India.

The Central Government issued the instruction that every company registered under the Companies Act, 2013 and having turnover of more than Rs. 500 Crore and all Central Public Sector Enterprises (CPSE) shall be required to get themselves onboarded on the Trade Receivables Discounting System Platform (TReDS) setup by Reserve Bank of India.

Registrar of Companies (ROC) in each state for companies and Department of Public Enterprises for CPSEs shall be competent authority to implement and monitor the above instruction and ROC further instruct the Institute of Company Secretaries of India (ICSI) and In this regard, the Institute has received a communication from Ministry of Corporate Affairs (MCA) to advise Company Secretaries of such companies to ensure registration of such companies on the TReDS platform at the earliest and confirm compliance.

Members of the ICSI can confirm the compliance and give the feedback at the following link – http://bit.ly/2rHU1nR or the members may confirm the same in the following format at companiesact2013@icsi.edu.

2. Notification No. S.O. 5622(E).- dated 02ND November, 2018 issued by Ministry of Micro, Small and Medium Enterprises.

Furnishing of information about the payment to MSME suppliers.

Every Company who get supplies of goods and services from MSME and whose payment to MSME supplier exceeds 45 days from the date of acceptance or the date of deemed acceptance of the goods or services shall submit a half yearly return to the MCA stating the following:

(a) the amount of payment due; and

(b) the reasons of the delay;

For implementation the above MCA has come out with an order {Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019} issued on 22nd January, 2019, wherein specified company shall file details of all outstanding dues and reason of the delay in MSME Form I within thirty days from the date from 22nd January, 2019.

Type of Return Type of Return Period for which return is to be filed Due Date of Filing MSME Form I
Initial Return One time return Micro or small enterprises suppliers existing on 22nd January, 2019 21st February, 2019
Subsequent Return in each year Half Yearly April to September 31st October
Half Yearly October to March 30th April

To understand the important Terms:-

SPECIFIED COMPANIES:

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.

DATE OF ACCEPTANCE:

(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:

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;

1. Notification S.O. 368(E) dated 22nd January, 2019 issued by MCA

2. Notification No. S.O. 5621(E).- dated 02.11.2018 issued by Ministry of MSME

3. Notification No. S.O. 5622(E).- dated 02.11.2018 issued by Ministry of MSME

Author Bio

Qualification: CS
Company: N/A
Location: Gurugram, Haryana, IN
Member Since: 29 Dec 2017 | Total Posts: 2

My Published Posts

More Under Company Law

Leave a Comment

Your email address will not be published. Required fields are marked *