According to the latest notification issued by the MCA (Ministry of Corporate Affairs) it has mandated to file disclosures in Form MSME I for every type of the Company [Whether Public or Private Company] which satisfies following two conditions:
|Condition 1||Condition 2|
|Company which has received Goods and/or Services from Micro or Small Enterprise||Payment due/not paid to such Micro and Small Enterprise for 46 days from date of acceptance|
Micro and Small Enterprises above means any class or classes of enterprises (including proprietorship, Hindu undivided family, partnership firm, company, undertaking, association of persons or co-operative society) shall be:
1. Micro Enterprise whose:
a) investment in plant and machinery does not exceed 25 lakh rupees if such enterprises engaged in the manufacture or production of goods; or
b) investment in equipment does not exceed 10 lakh rupees if such enterprises engaged in providing or rendering of services;
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2. Small Enterprise whose:
a) investment in plant and machinery is between 25 lakh rupees to 5 crore rupees; or
b) Investment in equipment is between ten lakh rupees to 2 crore rupees.
Filing MSME Form I:
Currently, every company shall require filing 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. The last date of which is 21/02/2019.
Thereafter, every company shall require filing MSME Form I as half yearly return by 31st October for the period from April to September and by 30th April for the period from October to March, along with following details:
a) the amount of payment due; and
b) the reasons of the delay;
Means every public or private company which receive goods and services from above mentioned small and micro enterprise and whose payment due or not paid to such micro and small enterprise for 46 days from date of acceptance shall required to file MSME Form as a return half yearly every year.
Every company need to file MSME Form I before 21st February, 2018 mentioning details of all outstanding dues to Micro or Small enterprises suppliers existing on the date of notification of this order within thirty days.
In case you have any query related to this topic, you may drop in an email at email@example.com or givs us a call at +91 8800926752
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