New Delhi, March 27 -- In a move to ensure timely payments to Micro, Small, and Medium Enterprises (MSMEs), the Central Government has issued a directive under the Micro, Small, and Medium Enterprises Development Act, 2006.

As per the notification, all companies procuring goods or services from micro and small enterprises must submit a half-yearly return to the Ministry of Corporate Affairs if their payments exceed 45 days from the date of acceptance or deemed acceptance.

The notification, issued under Section 9 and read with Section 15 of the Act, aims to address delayed payments, a major challenge faced by small businesses.

The required return must include details of the total outstanding amount due to micro and small enterprise supp...