Know all about MCA Notification on MSME form 1

Ministry of Corporate affairs issued Notification dated 22nd January 2019 directs that :

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 as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006  (hereafter referred to as “Specified Companies”)

shall submit a half yearly return to the Ministry of Corporate Affairs in MSME Form 1 state that :

(a) the amount of payment due; and

(b) the reasons of the delay;and

(c) whereas, Central Government, considers it necessary to require “Specified Companies” to furnish above information  in exercise of power under section 405 of the Companies Act, 2013

Now in this notification MCA Make an order in exercise of power under section 405 of the Companies Act, 2013 namely:-

Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019.

Came into force : 22nd January 2019

Stating, 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 30 days from the date of publication of this notification.

and

Every specified company shall file a return as per MSME Form I annexed to this Order, by 31st October for the period from April to September and by 30th April for the period from October to March.

Although MSME Form 1 is not deploy on MCA Portal till now and the time period of  30 days from the date of notification to file the e-Form already ended therefore MCA issue General Circular No. 01/ 2019 dated 21st February, 2019 for the extension of the last date of filling of return where they  reckoned the period of 30 days for the filling of MSME Form . Click here to get extension notification. 

''The day of deemed acceptance" means, where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services.

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