SPECIFIED COMPANIES (FURNISHING OF INFORMATION ABOUT PAYMENT TO MICRO AND SMALL ENTERPRISE SUPPLIERS) ORDER, 2019
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 |