Half yearly return for MSE dues – Form MSME 1

You are aware of new compliance introduced by Ministry of Corporate affairs (MCA) in January 2019 in respect of onetime and half yearly returns by the Companies in respect of details of payment to Micro and Small Enterprise suppliers.
Accordingly, now Companies have to file half yearly returns in MSME Form I to MCA, by 30th October, 2019 for the half year ended on 30th September 2019.

Applicability :
All the companies, who get supplies of goods or services from micro and small enterprises (MSE) and whose payments to MSE 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 Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) are referred to as “Specified Companies”.
* {Date of deemed acceptance means the date of actual delivery of goods or rendering of services, where no objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the day of the delivery of goods or the rendering of services}
Due date : 30th October, 2019
Details required in Form MSME 1 :
1. Total outstanding amount due to Small & Medium Enterprisers as on 30th September, 2019
2. Particulars of the name of suppliers, PAN of Suppliers, amount due, date from which amount is due
3. Reasons for Delay (delay in outstanding payment beyond 45 days)