The news paper articles are talking about an impending economic
downturn. The automobile industry is witnessing it already and so
are many other sectors feeling the heat. A downturn means not only
a reduction in revenues and squeezed profits, but also an issue on
not receiving payments on time. Tax rates and rebates are certainly
helpful.
Under Companies Act, if a company has not paid any Micro Small
and Medium Enterprises (MSME) for more than 45 days, then the
company has to inform the Registrar of Companies of the outstanding
dues. This is one small step to address the giant issue of
non-receipt of money.
There are several benefits that a MSME can avail and this post
touches upon some of them.
