MCA UPDATE : THE SPECIFIED COMPANIES (FURNISHING OF INFORMATION ABOUT PAYMENT TO MICRO AND SMALL ENTERPRISE SUPPLIERS) ORDER, 2019

The Central Government on 2nd November, 2019 has directed to all the 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 of Goods or Services, shall submit a Half Yearly Return to MCA stating  the following:

(a) The amount of Payment Due

(b) The reasons of the Delay

In response to which The MCA has notified the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 which shall come into force on 22nd Day of January, 2019.  

As per the above order the Specified Companies (Specified above) shall file return to MCA in MSME Form I including the 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 such specified company shall file a return as per MSME Form I, by 31st October for the period from April to September and by 30th April for the period from October to March every year. 

I SUGGEST THAT THE COMPANY SHOULD ASK ITS VENDORS ABOUT THEIR MSME STATUS THROUGH MAIL OR A LETTER TO AVOID NONCOMPLIANCE OF THIS ORDER 

For have a look on Notification and MSME Form I please click the below link:

http://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf

Thanks & Regards

CS Hitesh Jhamb

9953001339 / 9654080119

hiteshjhamb66@gmail.com