The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises. This was because a failure to adhere to the timeline would attract penalties, and buyers would be unable to deduct the payments made to MSMEs from their taxable income.
But, the official maintained that any change in the finance Bill was the prerogative of the finance ministry.
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