The Criterion for filing MSME I form (MCA) by those specified companies whose outstanding payment to MSMEs suppliers is exceeding 45 days, is being discussed below:
The MSME I Form is to provide information on a half-yearly basis in the context of the outstanding payments to Micro or Small Enterprises for a period exceeding 45 days with the Registrar of Companies (ROC).
Major changes have been made by the Ministry of Corporate Affairs in the context of protecting the interest of the small group of companies or businesses. He laid emphasis on following compliance by all Specified Companies Whether Public or a Private Company, Micro or Small.
A half-yearly return is required to be submitted to the Ministry of Corporate Affairs on a mandatory basis, by all those companies who receive the supply of goods or services from Micro or small enterprises and the payment done to these micro and small enterprise suppliers exceed forty-five days from the date of acceptance (or deemed acceptance) of the relevant good or services.
The following points should be stated in it:
Following the provision of section 405 of the Companies Act, 2013, (18 of 2013) the Central Government made it necessary for all the “Specified Companies” to furnish the above-notified information about the payment to micro and small enterprise suppliers.