Msme act
This query is : Resolved
02 June 2018
Please provide the formula for calculating MSME interest for delayed payment
Please provide the formula for calculating MSME interest for delayed payment
CA Mayur Todmal
(Expert)
02 June 2018
f the buyer fails to make payment of the amount to the supplier, he shall be liable to pay compound interest with monthly rests to the supplier on the amount from the appointed day or, on the date agreed on, at three times of the Bank Rate notified by Reserve Bank.
FAQ No 33
https://msme.gov.in/faq?page=3
FAQ No 33
https://msme.gov.in/faq?page=3
CA Suresh Jain
(Expert)
02 June 2018
Interest shall be payable after the expiry of agreed period in writing which shall not be more than 45 days
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