MCA UPDATE: FILLING OF “MSME FORM I” BY SPECIFIED COMPANIES
Reference to the above, Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprises Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services. (Hereafter referred to as “Specified Company”).
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;
| Details as on Notification | Due Date |
| January 22, 2019 | February 21, 2019 |
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 |
| From April to September of
Previous Year |
October 31 of the said previous year |
| From October to March of Previous
Year |
Immediately Next April 30 of the
said previous year |
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.
DEFINITIONS:
The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: Enterprises engaged in the manufacture or production, processing, services or preservation of goods as specified below:
| ENTERPRISE TYPE | SECTOR | |
| Manufacturing
(Investment in plant & machinery) [Rs.] |
Service
(Investment in equipment) [Rs.] |
|
| MICRO ENTERPRISE | Does not exceed 25.00 Lacs | Does not exceed 10.00 Lacs |
| SMALL ENTERPRISE | More than 25.00 Lacs but does not exceed 5.00 Crores | More than 10.00 Lacs but does not exceed 2.00 Crores |
| MEDIUM ENTERPRISE | More than 5.00 Crores but does not exceed 10.00 Crores | More than 2.00 Crores but does not exceed 5.00 Crores |
THE DAY OF ACCEPTANCE” MEANS:
- The day of the actual delivery of goods or the rendering of services; or
- where any objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day on which· such objection is removed by the supplier;
THE DAY OF DEEMED ACCEPTANCE” MEANS:
where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services;
Sources for your ready reference:
https://msme.gov.in/
MCA Notification dated January 22, 2019
MSMED Notification dated November 2, 2018.