Achi news desk-
Trade is the wheel of any country’s economy. By starting a small scale industry or business, a person starts looking for a better future. According to Micro, Small and Medium Enterprises ie MSME, the time limit for payment has been increased to 45 days. You cannot under any circumstances buy goods on credit after 45 days. If you do not have an agreement, then you will have to pay within 15 days. If there is any agreement or agreement, then you will have 45 days time.
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If the merchant has not made the payment on time, then according to the law under MSME, that merchant can also demand interest amount and you will have to pay the interest amount. Chartered Accountants and the Chamber of Commerce have given different views on this new legal system.
These traders have no connection with MSME
State Chamber of Commerce Vice President Mukesh Aggarwal said that MSME belongs to small scale industry, traders are registered with MSME. Small traders will benefit from it. Its credit limit is 45 days. If the delay is more than 45 days then there is provision for interest. This rule will be applicable to MSME registered traders only. Those traders whose business is more than Rs 2 crore and less than Rs 50 crore come under MSME. Those doing business above Rs 50 crore have no connection with MSME. The new MSME law is very good, no one needs to panic. It takes some time for the new rule to come. Adjustments are made when certain problems arise.
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Traders suffer loss due to new law and order
Chartered Accountant Hardik Jain said that the new MEMS law and order will harm those traders who have bought goods from MSMEs. Most shop items have a credit period of a month or two in the market. Cash business is less common. Those traders who come under Section 44D will not have to face this. Their stated profit is 6 to 8%. But the traders whose books of account are audited will have to pay.
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