DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES Section 15 of the MSMED Act, 2006 Where any supplier supplies any goods or renders any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier in writing or, where there is no agreement in this behalf, before the appointed day: Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acceptance. Meaning thereby: 1. If there is an agreement between the buyer and the seller about the payment date, the buyer has to pay before the agreed date or within 45 days whichever is earlier. 2. If there is no agreement, the buyer has to pay the seller within 15 days. 3. Agreement includes contract, Work order, Purchase order, Invoice/Bill. Get in touch today! Corpmaxx Consultees Tax and Labour Law Consultant Income tax Practitioners and Consultants in Mumbai, Navi Mumbai and Thane | Tax Consultants in Mumbai, Navi Mumbai and Thane | Labour Law Consultants in Mumbai, Navi Mumbai and Thane Service Areas: Parel, Dadar, Ghatkopar, Vikhroli, Kanjur Marg, Powai, Bhandup, Nahur, Mulund, Thane, Taloja, Wagle Estate, Bhiwandi, Dombivli, Kalyan, Ambernath, Badlapur, Atgaon, Lower Parel, Prabhadevi, Bandra, SantaCruz, Vile Parle, Andheri, Marol-Andheri, Sakinaka, Kandivali, Borivali, Vasai Road, Virar. Chembur, Vashi, Nerul, Belapur CBD, Kharghar, Panvel, Airoli, Rabale, Mahape, Turbhe, Virar, Palghar, Boisar. 10/02/2024