Period of 45 days for reporting MSME overdues from date of acceptance of goods/services-MCA

Period of 45 days for reporting MSME over dues to be calculated from the date of of acceptance or deemed acceptance of goods or services – MCA

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION

New Delhi, the 15th July, 2024

S.O. 2751(E).—In exercise of the powers conferred by section 405 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following Order to amend the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 namely:

1. (1) This Order may be called the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 (herein after referred to as the said order),-

(i) in paragraph 3, the following proviso shall be inserted, namely:-

“Provided that only those specified companies which are having payments pending to any micro or small enterprises for more than 45 days from the date of acceptance or the date of deemed acceptance of the goods or services under section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) shall furnish the information in MSME Form-1.”

(ii) in Annexure, for MSME Form-1, the following form shall be substituted, namely: –

MSME Form I
Form for furnishing half yearly return with the registrar in respect of
outstanding payments to Micro or Small Enterprises
[Pursuant to Order 2 and 3 dated 22 January, 2019 issued under
Section 405 of the Companies Act, 2013

Note:- The Principal order was published in the Gazzette of India, Extraordinary, Part II, Section 3, Sub-Section (ii), vide notification number S.O. 368(E), dated the 22nd January, 2019. 

Download MCA Notification on MSME Click Here >>

• ITAT allows exemption of Rs. 25 lakhs u/s 10(10A) to non-government employees
• PCIT has revisionary jurisdiction u/s 263 over the cases passed by the NFAC or the JAO
• Appellate court interfering with MACT finding must undertake reappreciation of evidence
• When delay is not huge & involves huge monetary liability, lenient approach to be taken
• EoGM of company can not ratify diversion of fund raised by preferential issue – SC