MSME FORM I
For the period of October 2021 –March 2022
MSME FORM-I is required to be filed pursuant to Order dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013 and which are reproduced for your reference:
Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019, 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 to the Ministry of Corporate Affairs stating the following:
1. the amount of payment due and
2. the reasons of the delay;
So, every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers, whose payment is pending for 45 days or exceeding forty five days from the date of acceptance or the date of deemed acceptance of the goods or services
Every specified company shall file a return as per MSME Form I, by 30th April for the period of October 2021 – March 2022.
So, to comply with above mentioned filling requirement, please provide the details of Creditor/suppliers which are registered under MSME ACT, 2006 and hold the MSME certificate, and whose payment is pending for 45 days or more from the date of acceptance of goods or services during the period of October 2021 – March 2022, in the following format:
|Name of supplier/creditor||PAN of supplier/Creditor||Amount due against the supplies of goods or services
|Date from which the amount is due||Reason of delay in payment of the amount due|
Note: If company makes payments to its MSME vendor after 45 days of acceptance of goods or services then company have to pay the interest on delayed payment to MSME registered suppliers. Rate of interest shall be three times of the bank rate notified by Reserve bank of India.
# Points to Consider-
1. Currently the interest rate of bank is 4.25%.
2. Interest amount to be calculated on monthly compounding basis from the appointed date or as the case may be, from the date immediately following the date agreed upon to make payment.
3. There is no monetary limit for the amount of Interest payable. Therefore Interest amount can exceed principal amount.
4. Change in bank rate needs to be considered while calculating Interest.
APPOINTED DATE” means the day following immediately after the expiry of the period of fifteen days (15 days) from the day of acceptance or the day of deemed acceptance of any goods or any services by a buyer from a supplier.