The Ministry of Micro, Small, and Medium Enterprises (MSME) sector in India is recognised as the foundation of the Indian economy and fosters growth that is equitable for all. The MSME Samadhaan initiative was introduced on October 30th, 2017 by the Ministry of Micro, Small, and Medium Enterprises (MSME). Aiming to support micro and small business owners nationwide, the MSME Delayed Payment Portal, also known as MSME Samadhaan, was established.
If an MSME-registered startups or small business provides any service or product, the consumer is required to pay the deposit on or prior to the due date that had been agreed upon by the purchaser and the particular micro or small firm. If the agreement does not specify a payment deadline, the consumer must pay within 15 days of receiving the goods or services. In any instance, a payment owed to a micro enterprises or small firm cannot take a period of time exceeding 45 days following the day of approval or the day on which acceptance is deemed to have occurred.
Role of MSME Samadhaan
When a buyer misses a payment deadline, compound interest accruing at a monthly rate is due to the supplier on the unpaid balance from the due date until fifteen days after the buyer accepts the product or service.
The RBI announced that the penal interest which is payable for late due payments to an MSME business is almost three times of the bank rate. Such complaints will be accessible to the State agencies, departments, CPSEs, governments of states, etc. for preventive measures.
The platform will make effective tracking of delayed payments much easier. The public will have access to the data stored on this webpage, which will put ethical pressure on those parties that are in default. Additionally, MSMEs have access to the platform and can keep track of their cases.
Monitoring the MSME sector's delayed payments and reporting them to government agencies is the main goal of the MSME Samadhaan portal.
It intends to give micro and small business owners across the nation the ability to file their complaints of delayed payments involving all governments of states and their Governmental Undertakings, as well as the various Ministries and The departments within the Union of India and Central Public Sector Enterprises.
Documents Required for Delayed Payment Application
Work orders from the Respondent and the invoices created in response to those orders are both in PDF format.
An affidavit stating that the purchase order was given orally must be supplied.
No more than 1 MB may be used for the document size. It is possible to upload up to 3 orders for work and 3 invoices.
It is possible to upload a PDF that contains several invoices concatenated. The written purchase order's affidavit must be contained in a single PDF.
Procedure of Application for Delayed Payment Under MSME Samadhaan
To submit a request for a payment delay, go to the MSME Samadhaan official website.
Then select the "Entrepreneur/ MSE Units" option on the portal's homepage where it is marked as a case filing.
Your browser will then take you to a new page where you must input your Udyog Aadhaar or Udyam Identification Number.
Then, submit your Aadhaar or the mobile phone number as in the Udyam Registration process.
Next, you must input the authentication code as it appears on the text image.
Click the Verify Udyog Aadhaar icon after that.
Fill out the OTP form and submit it to request a delayed payment.
When submitting the application, upload the necessary files scanned PDF copies of the respondent's orders for work and the invoices you created in response to those work orders.
You can check status of your application on MSME Samadhaan Portal with the help of your Udyog Adhaar Number or Registration number by validating your details.
Conclusion
We have provided all the required details about MSME Samadhaan portal and how you can proceed with your application. You need to check all your documents and prepare everything in advance to fill the application correctly. In case of any doubt or help, we will always support you. Please contact us on given details.
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