GSCS International Ltd.’s Post

We understand the significance of PFI and its impact. If you are seeking guidance on your PFI situation, whether in planning or addressing expiry concerns, feel free to reach out. We are here to discuss your unique requirements and explore solutions to any challenges you may be facing. #PFI #Planning #Consultation #BusinessSolutions

The MCA has made a major amendment to MSME Form 1 (half-yearly) on July 15, 2024. Under the amended rules, the reporting requirements have been updated to include the following:. During the specified period, the amount owed to MSME suppliers should be reported based on the following payment categories, along with reasons for any delays: 📌 Payments made within 45 days 📌 Payments made after 45 days 📌 Outstanding payments of <= 45 days 📌 Outstanding payments of >= 45 days Additionally, the new form includes the option to conveniently import details from an Excel file.

📢 Attention Stakeholders MSME Due Date: April 30th #Relevant Provisions: Pursuant to Order dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013 #Payment Terms: All companies dealing with Micro and Small Enterprises are required to make payments within 45 days from the date of acceptance or deemed acceptance of goods or services. #Reporting Requirement: Companies surpassing the 45-day payment term must submit a semi-annual return to the MCA through MSME Form I. #Information to be provided: Total outstanding amount to MSME suppliers. Name and PAN of each supplier. Amount due to every supplier. Date from which the payment is due. Reason for payment delays. #Refer MSME Guide and FAQ here: https://lnkd.in/gQp9nQcB Ensure compliance to avoid penalties! Get in touch for any assistance.

CBSE modifies assessment pattern for class XI, XII https://lnkd.in/e72ShcWE

IBPS RRB 13th Scale I Phase II Result with Score Card 2024 Click Here: https://lnkd.in/gwghyp5s #ibps

Did you know about the recent changes in MSME Form 1 enforced by the Ministry of Corporate Affairs (MCA)?   It requires companies to report any overdue payments to MSMEs, ensuring transparency and accountability in business practices. The mandatory filing encourages corporates to resolve outstanding dues, improving liquidity and financial stability for MSMEs. With the deadline approaching, ensure you're prepared! Streamline your payments and reporting process with M1xchange TReDS and stay ahead of compliance requirements.   #MSME #Compliance #BusinessGrowth #M1xchange #MSMEForm1 #LegalCompliance

Section 43B(h) Update Disclosure of the sum payable to MSME beyond the prescribed time limit required in ITR-3,5 & 6 starting from this year

🔍 Unlocking the Code: Mastering the Procurement Instrument Identifier (PIID) in Federal Contracting 🗝️ Discover the hidden language of government contracts and learn to decipher the cryptic world of PIIDs. From identifying managing offices to decoding contract types, we'll guide you through the intricacies of FAR 4.16 and 4.1603. 📜 Whether you're dealing with Blanket Purchase Agreements, Indefinite-delivery contracts, or Lease Agreements, understanding the PIID is your key to navigating the complex landscape of federal procurement. 🌐 📩 Email us at [email protected] to learn how Acquisition Education Online, an SDVOSB built by COs exclusively for the Federal Contracting Community, can help your agency master the art of PIIDs and beyond! 🚀 #FederalContracting #govcon #governmentacquisition #AcquisitionEducationOnline VA OSDBU HHS Office of Small and Disadvantaged Business Utilization (HHS OSDBU)

Guess what...managing PFI contracts is hard Whether you are preparing for expiry, thinking about a project reset or need to deliver a contract variation, these PFI fundamentals will help smooth the path #pfi #pfireset #pfiexpiry #pficontractmanagement

As per the MSME Act, big companies should not negotiate for any payment term which is more than 45 days with MSME suppliers and MSME suppliers payments need to be paid on the due date as per the agreed terms mentioned in the PO or else interest needs to be paid along with the payment for any delay beyond the due date. Hence it is better to negotiate for 45 days credit terms whenever dealing with an MSME supplier. if you have supposed agreed for 15 days credit and make the payment on the 30th day then you are liable to pay interest for 15 days along with the payment. However I have seen many instances where companies are not paying interest to MSME suppliers for delay in payment and supplier don't ask or demand for interest in fear of losing future business. To avoid such scenarios, timely payment and payment of interest due to delay in payment to MSME should be part of audit report to make this mandatory to pay interest to MSME suppliers for any delay for any payment. #MSME #Govtofindia