To ensure greater transparency and accountability in financial dealings with medium and small enterprises (MSES), the ministry of corporate affairs (MCA) has now mandated all companies to disclose information on payments made or overdue to such firms on a half-yearly basis.
According to the latest notification, the new micro, small and medium enterprise-1 (MSME-1) form on MCA V3 must be submitted by all companies dealing with MSEs. This is irrespective of whether they have payments overdue or not for more than 45 days to any such supplier.
Earlier, companies whose payments were outstanding to MSES were mandated to make such disclosures along with the reason for delay in payment.
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