look news india
The Ministry of Micro, Small and Medium Enterprises (MSME) has received positive response from the industries regarding the 45-day payment cycle for MSMEs. This statement has come at a time
While concerns were raised by MSMEs, large companies may stop buying from small and medium suppliers and would instead prefer to buy from registered enterprises. This was because non-compliance with the deadline would attract a penalty and buyers would not be able to deduct payments made to MSMEs from their taxable income. “So far we have received a positive response from the industry for the 45-day payment rule. There is a happy atmosphere about it,” the official said. Any change in the budget is completely under the Ministry of Finance. India SME Forum (ISF), a non-governmental and non-profit organization for small and medium businesses, conducted a survey among 102 council members within the 15-day deadline. According to the survey, 93 members supported the 45-day payment rule. While five members suggested amending this rule. While four members supported the removal of the income tax amendment made in this regard.