The Finance Bill, 2023, has proposed a crucial amendment aimed at promoting timely payments to MSME's by incorporating such transactions within the purview of section 43B of the Act.
It is imperative to highlight that failure to adhere to section 15 of the MSMED Act may result in the disallowance of expenses and the imposition of substantial interest payments.
To provide a comprehensive understanding of this amendment and the potential ramifications of non-compliance, we have meticulously compiled this article with examples.
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