Reference to the above, Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprises Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services.  (hereafter referred to as ‘Specified Company’).

MSME

Specified Companies as referred above, shall have to File a MSME Form Iwhich includes Details of all outstanding dues to such Enterprises Suppliers (hereafter referred to as “Specified Dues”) existing on the Date of Notification of this Order within 30 days from the Date of Publication of this Notification as below;

Details as on Notification Due Date
January 22, 2019 February 21, 2019

In addition to the above, Every Specified Company is required to file a return as per MSME Form I, on half yearly basis as below;

Details for the Period Due Date
From April to September of Previous Year October 31 of the said previous year
From October to March of Previous Year Immediately Next April 30 of the said previous year

Further, if the Company fails to comply with the above, provisions of Sub Section (4) of Section 405 (Power of Central Government to direct companies to furnish information or statistics) shall apply.

DEFINITIONS:

The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: Enterprises engaged in the manufacture or production, processing, services or preservation of goods as specified below:

 

ENTERPRISE TYPE

SECTOR
Manufacturing

(Investment in plant & machinery) [Rs.]

Service

(Investment in equipments) [Rs.]

A micro enterprise Does not exceed 25.00 Lacs Does not exceed 10.00 Lacs
A small enterprise More than 25.00 Lacs  but does not exceed 5.00 Crores More than  10.00 Lacs but does not exceed 2.00 Crores

”THE 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;

”THE 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;

Sources for your ready reference:

1. www.mca.gov.in, www.msme.gov.in & www.msmeregistration.org.

2. MCA Notification dated January 22, 2019

3. MSMED Notification dated November 2, 2018.

Author Bio

Qualification: CS
Company: NAGDEV & ASSOCIATES
Location: Mumbai, Maharashtra, IN
Member Since: 23 Jan 2019 | Total Posts: 5
Mr. Karan Nagdev is an associate member of Institute of Company Secretaries of India (ICSI) with a Bachelor's degree in Commerce, pursuing Law and having extensive experience of more than 4 years in the area of Company Secretarial Compliances of various Category / Sector of Companies including liste View Full Profile

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6 Comments

  1. s . p. gupta says:

    Suppose a company has paid to all the suppliers or service providers within stipulated time of 45 days whether it still has to file the return? please clarify.

  2. CA DEEPAK SONI says:

    This is nothing but one more harassment for the companies. And for increasing the revenue of the Government. There should not be any filing fee. There should be penalty in the case of default. The looting Government.

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