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New MSME Act and its Effect on the Payment Cycle Under the New GST Returns
The Micro, Small and Medium Enterprises Development Act (MSMED), 2006 was enacted to support the creation and development of MSMEs.
It also enhances their ability to compete with other domestic and larger foreign counterparts.
The recently implemented new GST return filing system brought with it many changes aimed at simplifying the process of filing returns.
In this article, we will analyses whether the MSMED Act and the new return filing system together affect the payment cycle and if so, whether there is a possible solution to it.