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Companies must furnish reasons for Delay in Payments to MSMEs [Read Notification]

MSME - GST

The Ministry of Micro, Small and Medium Enterprises ( MSME s ) have notified that the companies should furnish the reasons for the delay in payments to the Micro, Small and Medium Enterprises in cases where the payment of the due amount exceed forty-five days from the date of acceptance.

A notification issued by the Government in this regard has said that “all companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty-five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of the Act, shall submit a half yearly return to the Ministry of Corporate Affairs stating the following: (a) The amount of payments due; and (b) The reasons of the delay.”

The Prime Minister, on Friday announced a slew of measures, including sanctioning of loans of up to Rs 10 million to small and medium enterprises in 59 minutes, through a special portal to give a boost to the nation’s second biggest employing sector.

To Read the full text of the Notification CLICK HERE
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