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Some businesses had requested the finance ministry to defer implementation of the provision by a full financial year while others have requested that the 45-day time limit be extended. The ministry has asked stakeholders to suggest ways to resolve the issues arising from the I-T Act and to recommend possible alternate mechanisms for timely clearance of MSME bills.
Delayed payments: Pending MSME dues cleared grow nearly three-fold since December 2020 : Rashtra News The MSME Ministry had written to 500 corporates in September last year followed by another 2,800 businesses in October to clear pending MSME dues. (Image: Pixabay)Credit and Finance for MSMEs: Public sector units (PSUs) and government departments have cleared Rs 50,350
A delegation of the medium, small and micro enterprises (MSMEs) met union minister Som Parkash to oppose Section 43B of the Income Tax Act which makes it mandatory for buyers to release the payment within 45 days of purchase of goods. They urged the commerce and industry minister to either withdraw the new rule or include every assessee of income tax including manufacturer, trader and exporter under this section and extend the time period up to 90 days.
MSME Payments: A delegation of the medium, small and micro enterprises (MSMEs) met union minister Som Parkash to oppose Section 43B of the Income Tax Act which makes it mandatory for buyers to release the payment within 45 days of purchase of goods. They urged the commerce and industry minister to either withdraw the new rule or include every assessee of income tax including manufacturer, trader and exporter under this section and extend the time period up to 90 days.