Companies receiving 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 (MSME Form I ) to the Ministry of Corporate Affairs stating the following:
(a) the amount of payment due; and
(b) the reasons of the delay;
Accordingly, the Ministry of Corporate Affairs has issued an order viz, Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 on 22nd January 2019.
Requirements under the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 are as follows:
|Category / Classification||Micro Enterprises||Small Enterprises|
|Manufacturing Enterprises||up to Rs.25 lakh||Above Rs.25 lakh & up to Rs.5 Crore|
|Service Enterprises||up to Rs.10 lakh||Above Rs.10 lakh & up to Rs.2 Crore|
Check whether any of you supplies are Micro or Small Enterprises registered as MESE
Check any outstanding over 45 days to to MSME
Collect MSME Registration details while enrolling a supplier to classify for the purpose of return
How it works
MSME return is applicable to all companies if they have any supplier who is a Macro and Small Enterprises with outstanding over 45 days.
First return shall be filed by 21st February 2019 and thereafter for the period from April to September is required to be filed by 31st October and for the period from October to March by 30th April every year.
Micro or Small Enterprises only covered by this filing. It means a any payment pening over 45 days to Micro or Small Enterprises