in India, MSME companies are protected (= "Micro, Small and Medium Enterprises")

payments to these vendors must be done on very short notice

companies are legally obliged to submit a "Form MSME-1" every half year , with all outstanding amounts to these types of vendors, for which payments are outstanding for more than 45 days (some sort of aging report)

failure to submit such a report if you have such outstanding amounts, will attract penalties

we don't see any functionality about this in the India localization, although it is a legal requirement

how can we identify vendors as a registered 'MSME' and create the necessary report on it?

MSME's also have unique ID registration numbers

link to all information:

https://cleartax.in/s/form-msme-1

thanks