Govt. Mandates Filing of Half-Yearly Returns for Companies in case of Delayed Payments to MSMEs:

Govt. Mandates Filing of Half-Yearly Returns for Companies in case of Delayed Payments to MSMEs In a significant move to ensure timely payments to micro and small enterprises (MSEs), the Ministry of Micro, Small and Medium Enterprises (MSME) has issued a new directive mandating companies to submit half-yearly returns on overdue payments. It is mentioned, "All Companies in India who get supplies of Goods and Services from Micro and small enterprises and whose payment in relation to those goods or services to micro and small enterprises exceeds 45 days from the date of acceptance of those goods or services shall submit a half-yearly return to the Ministry of Corporate affairs stating the amount due and reason for delay." This is also notified by issuing a notification. The Notification Read as Follows: In exercise of powers conferred by section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) and read with section 15 of the said Act, the Central Government hereby directs that 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 the said Act shall submit a half-yearly return to the Ministry of Corporate Affairs stating the following: (a) the amounts of payments due; and (b) the reasons for the delay. For Official Notification Download PDF Given Below: