With a spate of corporate irregularities coming to the fore, the Centre has decided to make disclosure norms more stringent.
Specified Companies (Furnishing of information about the payment to micro and small enterprise suppliers) Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers (whose payment is due or not paid within 46 days) dealing with MSME shall mandatorily file a return with MCA in e-form MSME-
One Time Return (MSME FORM I)
22nd Jan 2019 – 31st March 2019 – Due Date 29th May 2019
Half Yearly Return & Due Date (MSME FORM II)
- For Half year period ‘April to September’ – 31st October
- For half year period ‘October to March’ – 30th April
The electronic form MSME FORM I available from 01.05.2019 and the due date to present the initial declaration is 30 days that is, on May 29th, 2019.
Penalty for non-compliance
Any company that fails to comply with these provisions will be required to remit a fine of up to Rs. 25,000; while the breaches of a Director, CFO or CS would qualify for a period of imprisonment of up to six months or a fine ranging from Rs. 25,000 to Rs. 3,00,000.