MSMEs are curious to know the exact updates about the implementation of the MSME 45-day payment rule. On Friday, there was an update that included various details related to the new changes for MSME regarding payment rules and how they have to follow this new rule in the upcoming days. As per the recent updates, the government going to implement the MSME 45-day payment rule from April 2024. The guidelines are available below regarding this payment rule.
Through the recent notification, the government has notified that there are no changes have been made in the MSME Section 43B (H). Along with it, MSMEs have to clear the payment before 31st March 2024 of the transaction which was made from 45 days before 31-3-2024. On the other side, if anyone want to make payment with check, then the due date of the payment will be 27-3-2024. According to this latest notification, MSMEs have to clear payment within 45 45-day period of 15-2-2024 to 31-3-2024.
As of January 2019, every buyer who has not paid the amount within 45 days of the date of the bill will be liable for filling out a form to mention the reason behind the delay, along with the payment of the amount. However, if they fail to do so, there will be a Rs. 20,000 penalty to the buyer. If it continues, there will be a penalty of Rs. 1,000 per day fine. It can reach Rs. 3,00,000. There are other facilities available for the MSMEs as well. The first one is the option to file a physical complaint at MSEFC. These applications go through a verification process. After that, it either gets an approval or a rejection.
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