Furnishing of Information about payment to Micro and Small Enterprise Suppliers) Order, 2019 By CS Megha Trivedi


1. Micro and Small Enterprises are defined as below:

  • Meaning of Micro Enterprise:
In the case of the enterprises engaged in the manufacture or production of goods, where the investment in plant and machinery does not exceed Rs. 25, 00,000/-.

  • Meaning of Small Enterprise:
In the case of the enterprises engaged in the manufacture or production of goods, where the investment in plant and machinery is more than Rs. 25, 00,000 rupees but does not exceed Rs. 50,000,000;

2. Micro and small Includes:
 
  • Proprietorship, Hindu Undivided Family,
  • Association of Persons, Co-Operative Society,
  • Partnership Firm, Company
3. How to identify whether creditors entity falls under Micro and Small or not?
The company has to ask a declaration from the creditors whether they fall under Micro or small or not.
 
4. How many Disclosure Company have to make in respect of delay in payment to Micro and Small Company:
First: Specified Companies needs to file MSME Form -1 with ROC as per MCA notification dated 22nd January, 2019.
 
Second: As per Section 22 of MSME Act, 2006 “Where any buyer is required to get his annual accounts audited under any law for the time being in force, such buyer shall furnish the following additional information in his annual statement of accounts, namely:
 
  1. the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier as at the end of each accounting year;
  2. the amount of interest paid by the buyer in terms of section 16, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;
  3. the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this Act;
  4. the amount of interest accrued and remaining unpaid at the end of each accounting year; and
  5. the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 23.
5. Which are Specified Companies:-
Every Company “Public or Private” if falls in below-mentioned condition:

6. Which form Specified Company required to file with ROC:-
Two Type of Returns required filing by “Specified Companies” like:
 
  • One Time Return
  • Half Yearly Return
7. Which is the due date of filing of “One Time Return”?
One time return required to file within 30 days of publication of these rules i.e. 20th February, 2019 (22nd January, 2019 + 29 days)
 
8. In “One Time Return” which type of information required to submit with ROC?

9. Which is the due date of filing of “Half Yearly Return”?

For Half year period ‘April to September’ 31st October
For half year period ‘October to March’ 30th April

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