AMCCIE Welcomes New Changes in MSME Sector: Rajesh Agarwal

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Pune, 4th April 2024: Rajesh Agarwal, National President of the Agarwal Marwadi Chamber of Commerce, Industries, and Education (AMCCIE), welcomed the new changes in the Micro, Small, and Medium Enterprises (MSME) sectors on Wednesday. He noted that the new financial year began on April 1, bringing significant alterations in the payment rules for the MSME sector.

Agarwal emphasized that MSMEs will now receive payment within 45 days. Failure by a company to settle payments for goods or services within this timeframe will result in the amount being treated as income, subject to taxation. Agarwal highlighted that this new regulation could substantially benefit MSMEs by alleviating their cash flow problems. He welcomed the government’s decision in this regard.

Vice President Narendra Goyal and Kamalraj Bansal of AMCCIE echoed similar sentiments, noting that, according to the new rules, if a large company fails to make payment to the MSME within 45 days as per the written agreement, it cannot list this amount as expenditure in its income.