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Interests for MSME Suppliers

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1234 Points Joined March 2018
Dear Friends,
We need to show Interest Payable for Delayed in payment to MSME Suppliers in the Annual Financial Statements?. It is mandatory or not?
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On 12 May 2020 at 18:25 Report
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Assistant Manager
118 Points Joined February 2014
Yes, it is mandatory to show interest .Since it is a statutory liablity on business to pay interest for delayed payment to MSME irrespective of contract with party.
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On 12 May 2020 at 19:43
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1234 Points Joined March 2018
But our Vendors are not demands any interest, as well our company is not willing to pay Interest. In this case how do we show in the Financial Statement?
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On 12 May 2020 at 20:03
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Assistant Manager
118 Points Joined February 2014
Also in this case you have to calculate interest and pay with principal amount to vendor.
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On 12 May 2020 at 20:55
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1234 Points Joined March 2018
Ok Garima Bhai
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On 12 May 2020 at 21:42

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