Dear Friends,
We need to show Interest Payable for Delayed in payment to MSME Suppliers in the Annual Financial Statements?. It is mandatory or not?
4 Replies
CA Garima
(Assistant Manager)
(118 Points)
Replied 12 May 2020
Yes, it is mandatory to show interest .Since it is a statutory liablity on business to pay interest for delayed payment to MSME irrespective of contract with party.
Mohanraj J
(1193 Points)
Replied 12 May 2020
But our Vendors are not demands any interest, as well our company is not willing to pay Interest. In this case how do we show in the Financial Statement?
CA Garima
(Assistant Manager)
(118 Points)
Replied 12 May 2020
Also in this case you have to calculate interest and pay with principal amount to vendor.
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