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What is the new law of MSME? Which traders come under its scope, know everything from experts

Ronit Kawale
Ronit Kawale  - Senior Editor
3 Min Read

Ramkumar Nayak/Raipur: Trade is the wheel of the economy of any country. By starting a small scale industry or business, a person starts searching for a better future. According to Micro, Small and Medium Enterprises i.e. MSME, the time limit for payment has been increased to 45 days. Under no circumstances can you purchase goods on credit after 45 days. If you do not have an agreement, then payment will have to be made within 15 days. If there is any agreement or contract, then you will get 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 Chamber of Commerce have given different views on this new legal system.

These traders have no connection with MSME
State Vice President of Chamber of Commerce Mukesh Aggarwal said that MSME is related to small scale industry, traders who are registered with MSME. Small traders will benefit from it. His credit limit is 45 days. If the delay is more than 45 days then there is a provision for interest. This rule will be applicable only to traders registered in MSME. 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 law of MSME is very good, no one needs to panic. It takes some time for the new rule to come. Modifications are made when some problems occur.

Traders suffer loss due to new law and order
Chartered Accountant Hardik Jain said that the new law and order of MEMS will harm those traders who have purchased goods from MSMEs. Most store items have a credit period of one or two months in the market. Cash business is less prevalent. Those traders who come under Section 44D will not have to face this. Their profit declared is 6 to 8%. But the traders whose account books are audited will have to make payment.

Tags: Business, Business news, Business news in hindi, Local18, Raipur news

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