Companies engaging with micro and small enterprises ( MSEs ) are reminded of their obligation to adhere to reporting guidelines outlined in Form MSME-1. This requirement applies to companies whose payments for goods or services from MSEs exceed 45 days from acceptance.
The reporting mandate encompasses the disclosure of any outstanding dues from previous periods that surpass the 45-day limit. Additionally, companies are urged to verify the registration status of their suppliers under the Micro, Small, and Medium Enterprises Development Act, 2006.
It is important to note that any outstanding dues from prior periods or those settled in the current reporting period, which were overdue for more than 45 days from the date of acceptance or deemed acceptance of goods or services, should be included or reported in the current reporting cycle.
The deadline for submitting Form MSME is April 30, 2024. Companies are encouraged to ensure timely compliance with these reporting requirements to avoid any penalties or non-compliance issues.
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