MCA Notified MSME Form I half yearly return for furnishing information of outstanding dues to Micro or small enterprises suppliers.
Ministry of Corporate Affairs (MCA) had issued notification number S.O. 5622(E), dated the 2nd November, 2018 directing that 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 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;
Now, the MCA, in pursunace to the said notification has notified the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 .
The Order provides that every specified company shall online file details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days in MSME Form I
Thereafter, every specified company shall online file a return as per MSME Form I by 31st October for the period from April to September and by 30th April for the period from October to March.
As per the MSME Form I, the specified companies are required to inter alia state the particulars of the name of suppliers and amount of payments due.
The date from which the amount is due and the reasons for the delay in amount of payments due is also to be stated.