Ramkumar Nayak/Raipur: Business is the wheel of any country’s economy. By starting a small industry or business, a person starts looking for a better future. According to Micro, Small and Medium Enterprises (MSME), the time limit for making payment has been made 45 days. Under no condition can you buy goods on credit after 45 days. If you do not have an agreement, then you will have to make the payment within 15 days. If you have made an agreement or contract, then you will get 45 days time.
If the trader’s payment is not made on time, then as per the law under MSME, that trader can also demand the interest amount and you will have to pay the interest amount. Chartered Accountants and Chamber of Commerce have given different views on this new law and order.
These traders have no connection with MSME
State Vice President of Chamber of Commerce Mukesh Agarwal said that MSME is related to small scale industry, traders who are registered with MSME will get its benefit. Its credit limit is 45 days. If the time is more than 45 days, then there is a provision of interest. This rule will be applicable only on traders registered in MSME. Traders whose business is more than 2 crores and less than 50 crores come under MSME. Those doing business of more than 50 crores have no relation with MSME. The new law of MSME is very good, there is no need to panic. It takes some time for the new rule to come. Amendments are made if there are some problems.
Traders suffer losses due to new laws
Chartered accountant Hardik Jain said that the new law of MEMS will harm those traders who have bought goods from MSMEs. Most of the store items have a credit of one or two months in the market. Cash trade is less. Those traders who come under section 44D will not have to face this. Their profit is declared to be 6 to 8%. But payment will have to be made to all those traders whose account books are audited.
Tags: Business news, Raipur news, Local18
FIRST PUBLISHED : March 28, 2024, 11:04 IST