J B P R Insights
Update on the Companies Act 2013:
- MSME Form 1 (MCA): Applicability and Notification for Specified Companies
- Specified companies are required to file MSME form I in respect of whose outstanding payments to MSME suppliers exceed 45 days.
- MSME FORM I: A Form for furnishing half yearly return with the Registrar of Companies (ROC) in respect of outstanding payments to Micro or Small Enterprises
Important Definitions
- Specified companies mean all companies, who get supplies of goods or services from MSMEs and whose payments to MSMEs suppliers exceed 45 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 MSME Development Act, 2006.
- Micro and Small Enterprise above means any class or classes of enterprises (including proprietorship, Hindu undivided family, partnership firm, company, undertaking, an association of persons or co-operative society) shall be:
Applicability on Companies:
According to the notification issued by the MCA it has mandated to file disclosures in Form MSME I for every type of the Company:
- Whether Public or Private Company;
- Micro or Small Companies;
Last date for filing Initial Return (1st time return) in form MSME 1: 21/02/2019
Thereafter, every company shall require filing MSME Form I as half yearly return by October 31 for the period from April to September and by 30th April for the period from October to March
Exemption to this Rule:
- Form MSME-1 is not applicable in the case of Medium Enterprises;
- This Rule applicable only for those Specified Companies whose payment to MSMEs suppliers exceed 45 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 MSME Development Act, 2006;
- If payment Exceed 45 days but supplier/Creditors given a declaration that they do not fall under Micro or small Enterprises.
Read more – http://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf
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