MSME returns are to be filed by all specified company sourcing goods or services from the Micro or small enterprises.
Specified company
Specified company means every company who get supply of goods or services from micro or small enterprises and whose payments to these enterprises exceed 45 days from the date of acceptance or deemed acceptance of the goods or services in accordance with the section 9 of the Micro, Small and Medium enterprises development Act,2006
Day of Acceptance
The day of acceptance means
·The day of actual delivery of goods or rendering of services or
·Where any objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the delivery of goods or rendering of services, the day on which such objection is removed by the supplier.
Day of deemed Acceptance
Day of deemed acceptance means day of actual delivery of goods or services, where there is no objection in writing made by the buyer with in 15 days from the day of delivery of goods or rendering of services.
MSME Classification
The revised MSME classification of enterprises as below with effect from 01st July 2020.
Penalty for Non-Compliance
Any company defaulting under these provisions would be forced to remit a fine of up to Rs. 25,000; whereas the defaults of a Director, CFO or CS would qualify for an imprisonment term of up to six months or a fine ranging between Rs. 25,000 to Rs. 3,00,000.
