MSME Form-1 notified with enhanced disclosures
The Ministry of Corporate Affairs (MCA) has amended the Specified Companies Order 2019 by issuing a Notification.
Vide its notification dated July 15, 2024, MCA has added a proviso in Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 and replaced the existing form MSME-1.
As per the new notification, a new MSME-1 Form on MCA V3 shall be filed by all companies which are having payments pending to any micro or small enterprises for more than 45 days from the date of acceptance or the date of deemed acceptance.
Previously, companies were not required to file an ‘MSME-1 Return‘ if they had no outstanding amounts with micro or small suppliers.
This means irrespective of whether amounts are outstanding as of 31st March or 30 Sep or not, if payments were made after 45 days during a half-year reporting period, MSME-1 shall be filed.
New Information required now includes:
- Amount paid within 45 days.
- Amount paid after 45 days.
- Amount outstanding for 45 days or less.
- Amount Outstanding for more than 45 days,.
- Reason for delay in payment/amount outstanding.
For Official Notification Download PDF Given Below: