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May 06, 2024
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MSMEs protest 45-day payment rule, file appeal in apex court: Report
To ensure timely payments to micro, small and medium enterprises (MSMEs), a new regulation was implemented on April 1. It requires companies to settle their dues to MSMEs within 45 days. Non-compliance will lead to a tax liability on the overdue amount.
More than 40,000 small businesses, including 12,000 in Gujarat, have cancelled their registration and approached the Supreme Court with an appeal to remove the regulation, according to a report by CNBC Awaaz. Since the regulation’s implementation, numerous small businesses have reported a decline in new orders from larger clients, said the TV news channel.
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