Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The Ministry of MSME (Micro, Small and Medium Enterprises) has launched the MSME delayed Payment Portal, i.e., MSME Samadhaan in a bid to empower Micro and small entrepreneurs to directly register their cases pertaining to delayed payments by Central Ministries/Dept./CPSEs (Central Public Sector Enterprises)/State Governments.
The Micro, Small, and Medium Enterprise Development Act of 2006 (MSMED Act 2006) contains provisions that deal with delayed payment cases to Micro and Small Enterprises.
According to the provisions, the buyer is liable to pay compound interest on a monthly basis to the supplier on the amount at three times of the bank rate as specified by the Reserve Bank if he doesn’t make payment to the supplier for the supplies of goods or services in 45 days of the day of acceptance of the goods or services or the deemed day of acceptance.
Micro and Small Enterprise Facilitation Council (MSEFC) should be established by state governments for the settlement of disputes on receiving references/filing on delayed payments as per section 20 and 21 of the Act.
Micro and Small Enterprise Facilitation Council (MSEFC) of a state will examine the case filed by the MSE unit and, after that, will issue directions to the buyer unit for payment of the due amount along with interest according to the provisions under the MSMED Act 2006.
Thus MSEFC is the implementing authority of the provisions of the Act. The council is chaired by the director of industries and is assisted by one or more officers/representatives of associations of Micro or Small industry.
Any Micro or small enterprises having valid Udyog Aadhaar can apply for filing the online application against the buyer or purchaser of the goods/services.
The following are the features:
The ministry of MSME has taken the initiative to file an online application by the supplier MSE unit against the buyer of the goods or services before the relevant Micro and Small Enterprise Facilitation Council of his or her state/Union territory. It will be viewed by Micro and Small Enterprise Facilitation Council for their actions. It shall also be visible to Concerned Central Ministries, Dept., CPSEs, state government, etc. for pro-active actions.
The following procedure is followed under Micro and Small Enterprise Facilitation Council on the MSME Samadhaan Portal:
The following documents are required to file the application of delayed payment:
Read our article:Detail Explanation about MSME Registration Process & Who Need to Register?
SEBI, the regulatory body for markets, has directed stockbrokers to establish an institutional...
If you have lost track of your shares in Muthoot Finance Limited, they may have been transferre...
Customer Acquisition is essential for any successful organization, placing customers ahead of p...
The role of AMFI in NRI SIP investments is continuously growing in the Indian mutual fund marke...
India’s Financial Intelligence Unit has introduced a groundbreaking upgrade to its informatio...
Are you human?: 4 + 7 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Micro Small and Medium Enterprises (MSMEs) small business establishments defined with regards to the size of the in...
10 Sep, 2022
NIC Code is required by the MSMEs to fill the Udyog Aadhar form. Also, it is necessary at the time of incorporation...
28 Jan, 2021