Question

As per the MSMED Act, "appointed day" is defined as the day following immediately after how many days from the day of acceptance or deemed acceptance of goods or services?

Q: Answer-As per the MSMED Act, 'appointed day' is defined as the day following immediately after how many day...

The term appointed day is critical in determining the due date for payments from buyers to MSME suppliers. According to the MSMED Act, the appointed day is the day immediately after 15 days from the acceptance or deemed acceptance of goods or services by a buyer. This definition is important for calculating the period after which delayed payment interest becomes applicable. The law ensures that MSMEs are protected from indefinite delays in receiving their dues by establishing this legally enforceable time frame.