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 ...
the MSME Act in India mandates that buyers of goods or services must make payments within 45 days of receiving the invoice. If a buyer fails to comply, they face interest penalties on the amount due.