MSME Companies have to file FORM MSME Form-1 if they have outstanding payment for more than 45 days from the date of supply of materials.

 

MSME Companies have to file FORM MSME Form-1 if they have outstanding payment for more than 45 days from the date of supply of materials.

Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024 (July 15, 2024)

In exercise of the powers conferred by section 405 of the Companies Act, 2013 the Central Government issued Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2024.
As per the order the following amendments are made in the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 In paragraph 3, the following proviso shall be inserted, namely:- 

“Provided that only those specified 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 of the goods or services under section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) shall furnish the information in MSME Form-1.
” MSME Form-1 form shall be substituted.