MCA has amended the Specified Companies (Furnishing of information about payment to MSME suppliers) Order, 2019 adding a proviso in paragraph 3 to provide that only specified companies with payments pending for more than 45 days to micro or small enterprises, from the date of acceptance or deemed acceptance of goods/services under Section 9 of the MSME Act, 2006, submit MSME Form-1.
The MSME Form-I for furnishing half yearly return in respect of outstanding payments to Micro and Small enterprises. Now the outstanding to MSME suppliers have been categorized as follows:
- Paid within 45 days (through TReDS and other modes of payment)
- Paid after 45 days
- Outstanding for 45 days or less
- Outstanding for more than 45 days.
The reasons for delay in payment have to be explained for each MSE Supplier.
Click here to view Order: Link