If the buyer and supplier (MSME) have not mutually agreed upon the payment date, buyers have to pay the MSMEs within 45 days from the date of receiving the goods/services. If the buyer and supplier have agreed on a credit period of more than 45 days, the MSME Act of 2006 states that...
This Rule applies not to all the Companies but only to those Specified Companies whose payment to MSME suppliers exceeds 45 days from the date of acceptance or deemed acceptance of the goods or services as per the provisions under section 9 of the MSME Development Act, 2006. If the payment...