Industry body urges FM Sitharaman to continue 45-day MSME payment rule

Q: How long will it take to read this news story?

The story "Industry body urges FM Sitharaman to continue 45-day MSME payment rule" has 372 words across 12 sentences, which will take approximately 2 - 4 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "Industry body urges FM Sitharaman to continue 45-day MSME payment rule" was covered 3 days ago by Business Standard, a news publisher based in India.

Q: How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news. The outlet is headquartered in India and publishes an average of 236 news stories per day. It's most recent story was published 3 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #21607236</li><li>URL: https://beamstart.com/news/industry-body-urges-fm-sitharaman-17209536644062</li></ul>

Business Standard Logo Business Standard 3d ago

Industry body urges FM Sitharaman to continue 45-day MSME payment rule - Business Standard

Quick Summary:

According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes.

Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers.

The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country.