Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024 – MINISTRY OF CORPORATE AFFAIRS Notification
On July 15, 2024, the Ministry of Corporate Affairs issued an amendment to the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019, namely Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024
Objectives
The amendment aims to improve transparency and accountability in corporate payments to micro and small enterprises, ensuring they receive timely payments essential for their operations and growth. This initiative helps protect the interests of smaller suppliers within the business landscape.
Summary of the Amendment
Title: Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024.
Effective Date: The amendment takes effect immediately upon publication in the Official Gazette.
Reporting Criteria: Only specified companies with payments pending to micro or small enterprises for more than 45 days from the acceptance date of goods or services must report this information using MSME Form-1.
Form Update: The existing MSME Form-1 has been replaced with a new form to better capture details about overdue payments.