MCA Mandates Half Yearly Filing for MSME Buyers | 22nd Jan 2019

MCA Mandates Half Yearly Filing for MSME Buyers | 22nd Jan 2019

S.O. 368(E)In the notification it is said every company that gets supplies of goods or services from Micro and Small Enterprises and whose payments to MSME suppliers has exceeded 45 days from the Date of Acceptance/Date of Deemed Acceptance of the goods or services of the suppliers as in the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006. Hereby company will be referred to as ‘Specified Company’ shall submit a half yearly return to the Ministry of Corporate Affairs.

Who can apply for delayed payments?

Companies that can apply are any Micro, Small and Medium Enterprises who have a valid Udyog Aadhar (UAM)

Number of cases registered and disposed ofMSME Samadhaan

  1. 8,290 Cases filed by MSME Suppliers
  2. Rs. 3,049.64 Crore rupees Payable to the suppliers
  3. 3,145 cases have been disposed of
  4. Amount of Rs. 1,036.54 crore has been disposed of in cases so far

What to Report?

The Specified company shall file in MSME Form I and need to mention:

  1. The number of dues to Micro or Small Enterprises suppliers existing on  22/01/2019;
  2. The reasons for the delay;

Reporting Timings

Every Specified company shall file in MSME Form I

  1. Initial Reporting – Date of notification of this order within thirty days from the date of publication of this notification (i.e, 22nd February is the due date)
  2. Half Yearly Reporting – By 31st October

For the period April to September – By 31st October every year

For the period October to March – By 30th April every year

Particulars to be filled in by Specified Companies are

  1. Financial Years/Particulars
  2. Name of suppliers
  3. PAN Suppliers
  4. Amount Due
  5. Specify the date from which amount is due
  6. To be digitally signed by DIN of the Director; or PAN of the Manager of CEO; or CEO; or membership number of the company secretary

Points to be noted

  1. The buyer (Specified Company) is liable to pay the suppliers (MSME) compound interest with the monthly rests on the amount at the three times of the bank rate as notified by Reserve Bank of India, in case he does not make payment to the supplier for the supplies of goods or services within 45 days of the acceptance of the goods/service rendered.
  2. Every reference made to MSEFC (MSEFC SAMADHAAN) shall be decided within a period of ninety days from the date of making such a reference as per provisions laid in the Act.
  3. If the Appellate (who is not being the supplier) wants to file an appeal, no application for setting aside any decree or award by the MSEFC (MSEFC SAMADHAAN) shall be entertained by any court unless the appellate (not being a supplier) has deposited with it, the 75% of the award amount.

All the buyers need to ensure that if they have any receipt of the supply of goods and services pending to be paid to Micro, Small and Medium Enterprises, and which is more than 45 days old, they need to comply to the notification by Ministry of Corporate Affairs.

Important Links

  1. MCA Notification
  2. Ministry of Micro, Small and Medium Enterprises
  3. MSEFC SAMADHAAN
  4. Udyog Aadhar
  5. Micro, Small and Medium Enterprises Development Act, 2006

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