3cd --> what if written due date is 90 days?
This query is : Resolved
14 March 2024
i am not an msme but i purchased goods from msme with terms of 90 days credit.
then do i have to pay in 45 days INSPITE of credit time being 90 days?
my view-->yes, 45 days is max . if overdue beyond 45, i (purchaser) will have to pay 3 times bank rate interest to supplier and that wont be allowed as interest deduction.
my q is --> even if 90 days , then also only in 45 days i have to pay off>?
then do i have to pay in 45 days INSPITE of credit time being 90 days?
my view-->yes, 45 days is max . if overdue beyond 45, i (purchaser) will have to pay 3 times bank rate interest to supplier and that wont be allowed as interest deduction.
my q is --> even if 90 days , then also only in 45 days i have to pay off>?
Nikhil Kaushik
(Expert)
14 March 2024
max time allowed is 45 days only. regardless of wether the payment terms say 60 days or 90 days.
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