Saturday, July 4, 2020

Govt. to levy interest@1 % p.m. on delayed payments in Government e-marketplace

In order to improve the discipline and timeliness of payments to vendors, especially MSMEs, the government decided to levy a 1% interest per month on late payments for purchases made on the government e-marketplace (GeM). The charge of the interest shall be prorated for the period of delay. The amount collected shall be deposited in an account maintained by GeM. The levy of interest in delayed payment will be applicable for all procurements made from 01.10.2020.

from taxmann.com News https://ift.tt/2D3s7eN
-
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...