As per the order Every specified company shall file in MSME Form I 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.
Now the question is who are those specified companies who have to file MSME Form I? As per the Notification order dated 22.01.2019 specified companies are 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.
What is MSME
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:
Meaning of Specified Companies
Type of entities cover under Micro and Small entities;
Identification of Creditors
(Whether creditors fall under MSME (Micro & Small)-
For the above purpose company can ask from creditors(entity) for a declaration cum confirmation that they fall under MSME (Micro & Small) category through which company shall decide whether they need to file or not E-form MSME-1 with MCA.
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