In India, Micro, Small, and Medium Enterprises (MSMEs) constitute the sector that generates the most employment and business opportunities. According to a report, by December 2023, this sector had provided employment to 9 crore people. Therefore, the government’s effort is to ensure smooth business operations in this sector. For this purpose, several laws have been enacted.
Now, a new payment rule has been introduced for the benefit of businesses, known as the MSME New Payment Rule. Under this rule, industries purchasing from MSMEs are required to make payments within 45 days. Failure to do so will render the amount taxable. This has caused considerable distress among businesses. In this regard, our expert, Mr. Anil Mukim, is addressing all related queries and concerns.
