📢 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝘁𝗼 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗲𝗱 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗢𝗿𝗱𝗲𝗿, 𝟮𝟬𝟮𝟰 🚀

The Ministry of Corporate Affairs issued a key notification on July 15, 2024, amending the Specified Companies (Furnishing of Information about Payment to Micro and Small Enterprise Suppliers) Order, 2019.

📜 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: Title & Effectiveness: Title: Specified Companies (Furnishing of Information about Payment to Micro and Small Enterprise Suppliers) Amendment Order, 2024. Effective Date: Effective upon publication in the Official Gazette.

𝗞𝗲𝘆 𝗖𝗵𝗮𝗻𝗴𝗲𝘀: Paragraph 3: Companies with payments pending over 45 days to micro or small enterprises must furnish information in MSME Form-1. Annexure Update: New MSME Form-1 format requires reporting all dues over 45 days.

📝 𝗡𝗲𝘄 𝗠𝗦𝗠𝗘 𝗙𝗼𝗿𝗺-𝟭 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀: Company Information: CIN, Name, Registered Office, Email ID, PAN. Return Details: Type and Period of the return. Outstanding Payments: Detailed reporting of dues over 45 days.

🚨 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗔𝗹𝗲𝗿𝘁: Ensure accurate reporting to avoid penalties.

🌟 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀: Transparency: Enhances transparency in payments. Timely Payments: Encourages timely settlements, supporting MSME financial health.