APRIL 2021 – ROC COMPLIANCE
All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty-five 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 (hereafter referred to as “Specified Companies”), shall submit a half yearly return to the Ministry of Corporate Affairs stating the following:
- the amount of payment due and
- the reasons of the delay;
Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
Every specified company shall file a half yearly return in e-from MSME Form I as:
|Filing Period||Due date of Filing|
|From April to September||31st October, 2021|
|From October to March||30th April, 2021|
Details to be furnished in e-form MSME FORM I
Companies must furnish the following details to their concerning ROC via form MSME 1:
- The amount of payment due
- The reasons for the delay
- Supplier name
- PAN of supplier
- Date from which amount is due
- Optional attachment if any
Applicability on Companies:
It has been mandated to file disclosures through Form MSME I for every type of the Company – Public or Private Company, Micro or Small Companies; the Company that satisfies the following two conditions:
Condition 1: Company must have received Goods and/or Services from Micro or Small Enterprise
Condition 2: Payment must have been due/not paid, to such Micro and Small Enterprise for 46 days from the date of acceptance.
Late Filing Penalty for MSME Form 1
If any company fails to comply or furnishes any information or statistics which is incorrect/incomplete in any material respect, the company and every officer of the company who is in default shall be liable to a penalty of Rs. 25,000 and in case of continuing failure, with a further penalty of Rs. 1,000 for each day after the first during which such failure continues, subject to a maximum of Rs. 3,00,000.