The Ministry of Corporate Affairs vide notification dated-22nd January 2019 has mandated all companies to file a half yearly return – “MSME Form I”(E-form yet to be released).
This return requires all companies:
(i) who have received supplies of goods and/or services from Micro or Small enterprises as defined under MSME Act, and
(ii) where payments to such Micro or Small enterprises are outstanding for more than 45 days from the date of acceptance or the date of deemed acceptance of the goods and/or services,
To submit to the Registrar of Companies a half yearly return stating the following:
(i) Name of the supplier;
(ii) PAN of the supplier;
(iii) The amount due (as on 22nd Jan 2019);
(iv) Date from which the amount is due
(v) the reasons of the delay;
First return under this notification is to be filed within 30 days from the date of the notification i.e. on or before 20th February 2019.
After the first return, a 6 monthly MSME Form I return has to be filed every year-
For the period April to September – on or before 31st October
For the period October to March – on or before 30th April.