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As per Chapter V (Section 15 and  16) of the Micro, Small and Medium Enterprises Development Act, 2006 all companies, who get supplies of goods or services from micro and small enterprises shall not exceed its payment to such enterprises by 45 days and in case of failure of payment in such time the companies shall be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at three times of the bank rate notified by the Reserve Bank of India (RBI).

Ministry of Corporate affairs have issued notification with respect to the aforesaid provisions, where 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. In addition to this, every Specified Company is also required to file a return as per MSME Form I on half yearly basis. Dates for both one time and half yearly filing will be as follows:

S.
No.
Particulars As on / For the Period Due Date
  1.One time filing –
Details as on the date of Notification
January 22,
2019
February 21,
2019
  2.Half yearly filing-
Details for the
Period
From
April to
September
Immediately
Next October 31
From
October to
March

Immediately
Next April 30

Post Author: Harshad Surve

CS Harshad Surve, an energetic young company secretary working for House of Anita Dongre Limited, is skilled at summarising complex concepts of Corporate Laws. Through VirtuaLaw, he wishes to write articles on various interesting topics and case studies in Corporate Laws of India. You may reach him at harshad@virtualaw.in.

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