Section 43B(h) - New MSME 45 Days Payment Rule To safeguard the interests of Micro and Small Enterprises (MSMEs) and ensure their payments are made promptly, Clause (h) in Section 43B, introduced by the Finance Act 2023, stipulates that if payments to MSMEs are not completed within the pr...
If the buyer and supplier have agreed on a credit period of more than 45 days, the MSME Act of 2006 states that the payment still needs to be made within 45 days of receiving the goods/services. If the buyer and supplier have not agreed on any credit period, then the MSME regulation ...
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...