Page Contents
www.carajput.com; MSME Samadhaan
Section 15 of the MSME Act states that if the supplier supplies products or offers any services to any purchaser, the consumer shall make the payment on or before the date stated in the agreement and if there is no agreement before the date specified.
The MSMED Act of 2006 gives the recipient of any goods or services a 45-day credit term to reimburse the MSME provider. It is included to safeguard the interests business of MSME.
The proviso to this Section states that the credit period provided by the seller shall not exceed 45 days from the date of acceptance or from the date of acceptance deemed.
(a) the day on which goods are actually delivered or services are rendered; or
(b) where the customer poses some complaint in writing concerning the acceptance of products or services within 15 days of the day on which products are delivered or services are rendered, the day on which the supplier eliminates such complaint
Thus you are not entitled to pay interest under the MSME Act in respect of delayed payment.
Types of person covered under MSME are:
MSMEs Obligations
Below documents must be completed in order to be registered as an MSME under the prescribed Act:
According to the laws, As per this amendment, any amount Payable by an Assessee to Micro Small and Medium Enterprises supplier beyond the time limit prescribed in section 15 of the MSMED Act shall be allowed as a deduction in the year in which actual payment has been made. Large companies have to pay MSMEs within 45 days of obtaining products or services, or within 15 days in the absence of a written agreement. Govt of India makes it compulsory to clear all dues of MSMEs within 45 days –
Popular Articles :
Loan Against Shares Interest Rates Explained: What Investors Should Know In India’s dynamic financial market, investors often look for flexible… Read More
Why and How to Avoid Useless Expenses This Diwali – A Nature Lover’s Perspective October 2025 Diwali, the festival of… Read More
How to manage repayments effectively on a personal loan of three lakhs Taking a Rs. 3 lakh personal loan can… Read More
Procedure of Member’s Voluntary Winding Up under the Companies Act, 1956 A Members’ Voluntary Winding Up is a mode of… Read More
Top 10 Financial Transactions That Can Trigger Income Tax Scrutiny : The Income Tax Department keeps a close watch on… Read More
Overview of the Internal Audit Iceberg Concept Apache Iceberg introduces a powerful feature called Integrated Audits, which allows organizations to… Read More