The Ministry of Corporate Affairs (MCA), vide notification dated 15 July 2024, has amended the Specified Companies (Furnishing of information about payment to Micro and Small Enterprise suppliers) Order, 2019 (the Order) by adding a proviso. 

The proviso clarifies that only "Specified Companies" that have outstanding payments to any Micro or Small Enterprise supplier for more than 45 days from the date of acceptance or deemed acceptance of goods or services under Section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (the MSME Act) are required to furnish information in the prescribed form (previously MSME-1). 

The Order also mandates the use of a new form, replacing the existing MSME-1 for such filings.

As per the new reporting requirements, companies are required to file this return even for the payments made within 45 days, which was not required earlier. This means irrespective of whether amounts are outstanding as on specified dates i.e., 31 March or 30 September or not if payments were made after 45 days during a half-year reporting period, MSME Form-1 shall be filed.