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 :
Exploring Corporate Bonds in India - A Comprehensive Guide Corporate bonds in India represent a compelling investment option, offering a… Read More
Central Board of Direct Taxes Mandates E-Filing of Appendix-II Forms under Income Tax Rules, 1962 The Central Board of Direct… Read More
Payment System or mechanism under GST Regime General Rules for Payments Regular taxpayers under GST must compute tax monthly,… Read More
Rule 86B under the GST Regime Rule 86B is a provision introduced under the Goods and Services Tax (GST) regime… Read More
Big Relief to Taxpayers- welcome change for GST taxpayers The recent update by the Goods and Services Tax Network (GSTN)… Read More
Central Board of Indirect Taxes & Customs Circulars Issued on 26th June 2024 Following the recommendations from the 53rd GST… Read More