MSME new rules for payment

 Micro तथा Small units से की गई Purchase का पेमेंट 31st March को outstanding (creditors)रहने पर बड़ी Tax Liability आ सकती है। इसलिए अभी से Planning करे। (Section 43B(h) of Income Tax Act as inserted in Finance Act 2023

1. Micro and small enterprises से की गई Purchase/Expense का Deduction तभी मिलेगा यदि उसका पेमेंट Supplier से तय किये गये Credit Period (Maximum – 45 दिन) मे कर दिया जाता है|

2. यदि कोई Credit Period तय नहीं की गई है तो ऐसे Case में पेमेंट की Terms 15 दिन ही मानी जाएगी। दोनों पार्टी यदि सहमत हो तो भी इस प्रावधान के लिए 45 दिन से अधिक का समय Allowed नहीं होगा।

3. उदाहरण के तौर पर यदि आपकी 1 Crore की Purchase  का पेमेंट 31st मार्च को 45 दिन से अधिक समय से बाक़ी हैं तो 1 Crore आपकी आय में जुड़ जाएँगे और उसपर लगभग 30-35 लाख तक की Tax Liability आ सकती हैं|

4. Micro enterprise का अभिप्राय ऐसी फ़र्म से है जिसका Plant and Machinery में Investment 1 Crore से ज्यादा नहीं हो और टर्नओवर 5 Crore से ज्यादा नहीं हो|

5. Small enterprise का अभिप्राय ऐसी फ़र्म से है जिसका Plant and Machinery में Investment 10 Crore से ज्यादा नहीं हो और टर्नओवर 50 Crore से ज्यादा नहीं हो|

6. यदि पेमेंट 45 दिन से अधिक समय से बाक़ी है किंतु Financial Year समाप्त होने से पहले पेमेंट कर दिया जाता है तो ऐसे case में उसका deduction उसी वर्ष में मिल जायेगा |

7. अगर 45 दिन के बाद पेमेंट किया गया है तो उस स्थिति में जिस वर्ष में पेमेंट किया गया हैं उस वर्ष में उसका deduction मिलेगा |

8. यदि Income Tax Scrutiny के दौरान आयकर विभाग के cross confirmation से यह पता चलता है की आपका Supplier Micro या Small unit है और उसका payment Time limit के बाद में किया है तो वह उस समय भी Outstanding payment को Income में Add कर सकता है।

9. यह प्रावधान 1/04/2023  वित्तीय वर्ष से लागू हो गया है|

10. यह हमारा सुझाव है कि आप अपने sale invoice में अपना Udhyam रजिस्ट्रेशन नंबर एवं अपनी कैटेगरी (Micro/ Small/ Medium) अंकित कर लेवे जिससे ख़रीददार को आपका Msme के status का पता चल जाये।

(Only for basic education purpose)

1. Deduction of Purchase/Expense made from Micro and small enterprises will be available only if its payment is made by the supplier within the fixed Credit Period (Maximum – 45 days).

2. If no credit period has been fixed, then in such case the terms of payment will be considered as 15 days only. Even if both the parties agree, no more than 45 days time will be allowed for this provision.

3. For example, if the payment of your Purchase  of 1 Crore is pending for more than 45 days on 31st March, then 1 Crore will be added to your income and on this income about 30-35 lakhs Tax is to be paid.

4. Micro enterprise refers to a firm whose investment in Plant and Machinery does not exceed 1 Crore and turnover does not exceed 5 Crore.

5. Small enterprise means such a firm whose investment in Plant and Machinery does not exceed 10 Crore and turnover does not exceed 50 Crore.

6. If the payment is due for more than 45 days but the payment is made before the end of the Financial Year, then in such case its deduction will be available in the same year itself.

7. If the payment is made after 45 days, then in that case the deduction will be available in the year in which the payment is made. This is applicable in case of group concern also.

8. This provision is applicable from the financial year  1/04/2023.

9. It is suggested by us that you should mention your Udhyam Registration Number and your Category (Micro/ Small/ Medium) in your sales invoice so that the buyer will know your Msme status.

10. Even during scrutiny proceedings, Department may make addition of outstanding amount if it comes to its knowledge that your supplier is micro or small unit.

For more information call on 9896724441

For purchases or expenses made from micro and small enterprises, deductions will be available only if the payment is made within the specified credit period, which is a maximum of 45 days.

In cases where no specific credit period is established, payment terms are assumed to be 15 days. Even with mutual agreement, the period cannot exceed 45 days under this provision.

As an example, if you have an outstanding payment for a purchase worth 1 Crore for more than 45 days as of March 31st, then this amount will be added to your income, potentially resulting in a tax liability of approximately 30-35 lakhs.

A 'micro enterprise' is defined as a firm with an investment in plant and machinery not exceeding 1 Crore and a turnover not exceeding 5 Crore.

A 'small enterprise' is defined as a firm with an investment in plant and machinery not exceeding 10 Crore and a turnover not exceeding 50 Crore.

If a payment overdue for more than 45 days is made before the end of the financial year, the deduction will be applicable in that same year.

If the payment is made after the 45-day period, the deduction will be applicable in the fiscal year when the payment is made.

This provision has been in effect from the financial year starting on April 1, 2023.

It is advisable to include your Udhyam Registration Number and your business category (Micro/Small/Medium) in your sales invoices to inform buyers of your MSME status.

During tax scrutiny, if it is revealed that the supplier is a micro or small unit and the payment was made after the prescribed time limit, the outstanding amount may be added to your income.

For further information, you can contact at 9896724441