Introduction of MSME Form Filing

• Every company, which is supplied with goods or services by micro and small enterprises and by whom the payment exceeds forty five days, as of the date of acceptance or deemed acceptance of goods or services, as per the provisions of section 9 of the Micro, Small and Medium Enterprise Development Act,2006 (27 of 2006) (hereafter referred to as Specified Companies), will annex a half yearly return to the Ministry of Corporate Affairs showing the following:

1. the amount of payment due; and
2. the reasons of the delay;

• 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 i.e. 22nd January, 2019 within thirty days from the date of deployed on MCA 21 portal.(i.e. within 30 days from the 1st may, 2019)
• Said Companies above, shall, therefore, have to file a MSME Form I that shall contain Details of all outstanding dues of such Enterprises Suppliers (hereafter referred to as “Specified Dues”) that are outstanding at Date of Notification of this Order of 30 days of Date of Publication of this Notification as below:

Besides the above, Every Specified Company must submit a return according to MSME Form I, on six monthly basis as follows;

• Moreover, in case the Company does not adhere to the above, the Sub Section (4) of the Section 405 (Power of Central Government to direct companies to furnish information or statistics) takes effect.
• Where any company disobeys an order issued under sub-section (1) or (3), or where any company is found to have given wrong or incomplete information or statistics in any material regard, the company will be liable to a fine not exceeding twenty-five thousand rupees or even thirty lakh rupees, and every officer of the company who is at default shall be liable to imprisonment not more than six months and also not less than twenty-five thousand rupees or even thirty lakh rupees.

Click here to read the notification

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