MSMED Act articles

MSME Form-I – Due date 31st October 2019- File to avoid Penalty/Jail

All about eForm MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019) Purpose to file the eForm All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days [&helli...

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Consequences of Delayed Payments to Micro and Small Enterprises and Disclosure in Annual Accounts

DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES [Section – 15] 1. Where any supplier [Being MICRO OR SMALL ENTERPRISE], supplies any goods or any services to any buyer, – IF There is agreement in writing between supplier and buyer regarding payment Buyer shall make payment thereof on or before the date agreed between buyer and [&helli...

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Posted Under: Company Law |

How to recover Delayed Payment by MSME

Background: Hope all of you are doing great, this write up will be helpful for the small businesses that are searching to recover their outstanding from corporate and other entities. Government of India has taken number of measures for the promotion and development of MSME ie., Micro, Small and Medium Enterprises as it is being […]...

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Posted Under: Company Law |

Contradictory provisions in MSME 2006 and CGST ACT and violation of Doctrine of Unjust Enrichment

Before we understand and deep diving, let us first know what provision actually say on the above two Acts and how the breach of doctrine of unrichment happening….. Sec 15 of Micro, Small and Medium Enterprises Development Act, 2006 states on the Liability of buyer to make payment.- “Where any supplier, supplies any goods or […]...

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Posted Under: Company Law |

MSME Act 2006- How far it has succeeded in combating the menace of ‘Delayed Payments’

Inder Chand Jain The Indian Economy is passing through a period of acute recession. The Government itself has accepted that the country is gripped with recession. The sales, production, order position have gone down drastically and the MSME sector is the worst affected. On top of this, the issue of delayed payments has broken the [&hellip...

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Posted Under: Company Law |

New Cheque Bounce Provisions give MSME’s more power in Cheque Bounce Cases

An Amendment Act was brought by the Government to meet reducing the undue delay in the cases of dishonor of cheques and to provide payment of interim compensation to the complainants. The MSME’s in particular have been representing that due to delay tactics, easy filing of appeals and obtaining stay on proceedings, the very purpose of s...

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Posted Under: Company Law |

Zed Certification for MSMEs in Export Business (Zero Effect Zero Defect Registration)

Background & Benefits The ZED Certification will focus on MSMEs and small businesses. It will address the quality and ecological needs of domestic and overseas customers, society, employees, partners, regulators, and investors. VISION To enable the advancement of Indian industry to a position of eminence in the global marketplace and ...

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Posted Under: Company Law |

Monthly Reporting of Digital Payments by MSMEs: Benefits & Required Information

Monthly Reporting of Digital Payments by MSMEs- Benefits and Required Information In order to estimate Digital payment transactions in Micro, Small and Medium Enterprises, you are requested to furnish information about the Digital transactions made by your enterprise. The use of Digital transactions offers incentive in the form of cash ba...

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Posted Under: Company Law |

Interest equalisation Scheme for pre and post-shipment export credit

What is Interest equalisation Scheme (IES): There are many benefits given to exporters, specially MSME sector exporters. One of the scheme is interest equalisation scheme (IES) or also known as interest subvention.  This scheme was introduced with effect from 1st April 2015. This is a rebate of interest provided on pre and post shipment...

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Posted Under: Company Law |

MSME SAMADHAAN- Delayed Payment Monitoring System

If you are MSME Registered Enterprise, then you can take action for non-payment of due amount along with Interest. The Government under MSMED Act, 2006 (Dealing with Delayed Payment) provides facility to MSME Registered Entities to file the case for non payment of due amount along with interest as per the provisions under MSMED Act, 2006....

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Posted Under: Company Law |

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