Harshita: A Character from Fiction Krishna, a lot of suppliers are not paying MSMEs on time, which is putting MSMEs under a lot of stress right now and putting them in a difficult situation.

Is there any government assistance available to MSMEs?

The fictional character Bhavika: Harshita, The government’s “MSME Samadhaan- Delayed Payment Monitoring System” scheme was launched by the ministry of Micro, Small, and Medium-Sized Enterprises (MSME). This online platform, called the MSME Delayed Payment Portal, is governed by the Micro, Small, and Medium-Sized Enterprises Facilitation Council (MSEFC). With this platform, MSMEs can complain about late payments and get them fixed.

Harshita: A Character from Fiction Krishna, what are the requirements for applying through the MSME Samadhaan Portal?

The fictional character Bhavika: Harshita, the circumstances are: Any Micro, Small, and Emerging Business (MSE) with a current Udyog Aadhaar Number or Udyam Registration, with the exception of MSE that are registered as trading units. 

2. In any case, the invoice should not be issued prior to September 18, 2015. 
3. MSME can document case after the date on which the MSE has gotten it’s UDHYAM Testament. For instance, if a supplier obtained its UDHYAM certificate on April 1, 2020, invoices issued prior to that date would not be eligible for reimbursement for late payments.

Harshita: A Character from Fiction Krishna, what is implied by deferred installments?

Bhavika(Fictional Character): According to the MSME Act of 2006, “delayed payment” occurs when the buyer fails to pay its supplier within 15 days if there is no agreement between the buyer and seller or 45 days if there is an agreement.

Harshita: A Character from Fiction Krishna, How to login on entry?

Bhavika(Fictional Character): Harshita, the following is the procedure for MSEs to use to log in to the portal:

 Visit the site: https://samadhaan.msme.gov.in

Click working on it ‘Petitioning for Business visionary/MSE Units’ button accessible on the landing page. Select the ‘Udyog Aadhaar Number’ or ‘Udyam Enrollment Number’ choice. 

Click the “Validate Udyog Aadhaar” or “Validate Udyam Registration” button after entering the Udyog Aadhaar/Udyam Registration Number and mobile number. At the time of Udyog Aadhaar/Udyam registration, an OTP will be sent to the registered email address. Complete the application for delayed payment by entering the OTP.

Harshita: A Character from Fiction Krishna, What is the strategy to record an application on the entrance?

Bhavika(Fictional Character): Harshita, the strategy to document an application on the gateway is:

1. Select “Application Entry” from the menu. 
2. Enter the receipt date for which the installment is forthcoming. 
3. Fill in the fundamental subtleties of the Petitioner(Supplier) and the Respondent(Buyer). 
4. Upload the invoice that the petitioner (supplier) raised in addition to the work orders that were issued by the respondent (buyer). 
5. Click on “Submit” to document the application for postponed installments. 
6. Before submitting, check the data and enter the verification code before clicking “Final Submit.”

Harshita (Imaginary person): Krishna, what transpires following the filing of the application?

The fictional character Bhavika: Harshita, following the filing of the application: 

1. The MSEFC will either acknowledge the application or reject it in 90 days or less. 
2. A notice detailing the specifics of the delayed payment is sent to the respondent via email and SMS if MSEFC accepts the case. 
3. In the event of nonpayment or late payment, the Buyer is responsible for paying the supplier interest in addition to the monthly rests. The interest is compounded at a rate three times higher than the RBI-approved bank rate. 
4. By clicking the “Check Case Status” tab on the portal itself, the Supplier can view the application’s status.

Harshita (Fictitious person): What can I learn from this, Krishna?

The fictional character Bhavika: Harshita, The MSME Samadhaan entry is a unique advantage for private ventures who are enlisted as MSMEs. It allows you to document protests against parties that are holding out on paying you. The public authority has been focussing totally on guaranteeing that the functioning capital of limited scope business are not impacted, subsequently there is likewise another arrangement that has been embedded in Personal Assessment Act, which will deny the cost of the purchaser on the off chance that he doesn’t pay MSE’s their due in 45 days or less. Consult the best Chartered accountant in Ahmedabad 

Disclaimer: The materials provided herein are for informational purposes only and do not constitute legal, financial, or professional advice. Consult relevant laws and experts before acting on this information. Neither the author nor K M GATECHA & CO LLP is liable for any inaccuracies or omissions. This material is purely educational and not an advertisement or solicitation.