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MSMED ACT

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(Querist)
12 May 2009 Dear sir

Iam working in Maa kuthari engineering services pvt ltd(service). One of the our client asking MSMED ACT (Micro, small & medium enterprises development) Registration certificate. what purpose they asking, what are the benefit under this act and how to apply?. Pls give me suggestion.
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M.Purandhar
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Kedar Pande

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Kedar Pande (Expert)
15 May 2009 Dear Mr. Purandhar,
Under the MSMED act, there are certain compliances which a company need to do otherwise the auditor of the company will qualify the audit report. For Ex. Those entities which are registered under the MSMED Act, then in that case they must be paid withing 45 days from the appointed date. If the payment is not made they will have to pay the interest to such entities.

If your company is registered under the MSMED Act, then you must have got the certificate. There is no harm in giving the copy of the certificate. It is just to know the status of your entity under the MSMED Act.
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