Pune, : Rajesh Agarwal, National President of the Agarwal Marwadi Chamber of Commerce, Industries, and Education (AMCCIE),on Wednesday welcomed the new changes in the Micro, Small, and Medium Enterprises (MSME)sectors. He said the new financial year started on April 1,and a big change in the payment rules of the MSME sector was reported.
Mr. Agarwal said MSME will receive payment indays. If a company fails to pay for goods or
45service supply within 45 days, then this amount will be treated as its income, and it will have topay tax. The new rule can greatly benefit MSMEs by eliminating their cash crunch, said Agarwal while welcoming the government’s decision. The vice president Narendra Goyal and Kamalraj Bansal of AMCCIE also expressed a similar viewand said that, as per the new rules, if a large company does not make the payment to the MSME with in 45 days under the written agreement, itwill not be able to show this amount as expenditure in its income.
