Disclosure of Trade Payables under Companies Act, 2013

Notification regarding sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013)

GOVERNMENT OF INDIA

Ministry of Corporate Affairs

Notification

New Delhi, Date- 4th September, 2015

GSR (E) In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further alterations in Schedule III (hereinafter referred to as said Schedule) to the said Act, namely:-

2. In the said Schedule, in Part I- Balance Sheet,-

(i) Under the heading “Equity and Liabilities”, in para (4), for “(b) Trade payables” the following shall be substituted, namely:‑

“(b) Trade Payables:‑

(A)  total outstanding dues of micro enterprises and small enterprises; and

(B)  total outstanding dues of creditors other than micro enterprises and small enterprises.”.

(ii) Under the heading “Notes: General Instructions for preparation of Balance Sheet”, in para 6, after sub-para F the following shall be inserted, namely:‑

“FA. Trade Payables

The following details relating to Micro, Small and Medium Enterprises shall be disclosed in the notes:-

(a)    the principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier at the end of each accounting year;

(b)  the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;

(c) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006;

(d)  the amount of interest accrued and remaining unpaid at the end of each accounting year; and

(e)  the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006.

Explanation.-The terms ‘appointed day’, ‘buyer’, ‘enterprise’, ‘micro enterprise’, ‘small enterprise’ and ‘supplier’, shall have the same meaning assigned to those under clauses (b), (d), (e), (h), (m) and (n) respectively of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006.”.

3. This notification shall come into force on the date of its publication in the Official Gazette.

[F No. 1/19/2013/CL.V]

AMARDEEP SINGH BHATIA

Joint Secretary.