look news india
Mumbai: The Ministry of Corporate Affairs has made it mandatory for companies to provide information about the dues of micro, small and medium enterprises (MSMEs). For this, a new MSME-1 form has been prepared on the MCA V3 platform.
According to the notification issued by the Ministry of Corporate Affairs, if the amount due to MSMEs is not paid even after 45 days, then the companies will have to submit the information in a new form.
Companies will have to give information about payments made within 45 days, payments made after 45 days, amounts due on or after 45 days and amounts not paid even after 45 days. If payments are not made even after 45 days, companies will also have to give the reason for the delay.
The SME Forum has welcomed this rule of the government. The 45-day payment basis has been implemented from the beginning of the current financial year i.e. April 1.
The 45-day norm has come in view of the working capital constraints faced by MSMEs. MSMEs play an important role in job creation and export growth in the country.