Send an Enquiry
Companies Act
Introduction of MSME Form I (Furnishing return with ROC in respect of outstanding payments to Micro or Small Enterprises)
January 22, 2019 by Team Instabizfilings
Ministry of Corporate Affairs with its new notification dated January 22, 2019 directed 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 (27 of 2006) (hereafter referred to as “Specified Companies”), shall submit a half yearly return to the Ministry of Corporate Affairs stating the following:
(a) the amount of payment due; and
(b) the reasons of the delay;
Every specified company shall file in MSME Form I details of all outstanding dues toMicro 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)
Specified Companies as referred above, shall have to File a “MSME Form I” which 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;
|
Date of Notification |
Due Date |
|
January 22, 2019 |
*February 21, 2019 (Now extended until 30 days from the date on which form would be made available – Refer MCA notification for extension) |
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 |
|
For the period April to September |
By October 31 |
|
For the period October to March |
By April 30 |
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 which states as follows;
“If any company fails to comply with an order made under sub-section (1) or subsection (3), or knowingly furnishes any information or statistics which is incorrect or incomplete in any material respect, the company shall be punishable with fine which may extend to twenty-five thousand rupees and every officer of the company who is in default, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to three lakh rupees, or with both.”
