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:

• The order shall come into force from the date of its publication in the Official Gazette (22nd January 2019)
• Every specified company shall file in MSME Form I details of all outstanding dues to Micro or Small Enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
• Every specified company shall file a return as per MSME, by 31st October for the period from April to September and by 30th April for the period from October to March.

Applicability:

• This order applies to 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 (Specified Companies).
• The amount outstanding to Only Micro or Small Enterprises suppliers are covered under this Order. Medium Enterprises are not covered per se.
• Specified Companies shall file the First Return as on 22nd January 2019 within 30 days of the notification. Therefore, the first return is required to be filed on or before 21st February 2019.
• The Return in MSME Form I 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. 
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