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Payment Terms Legislation In India
India
Please see below for a summary of payment terms in India and the various industries across which payment term legislation appears. You can also download a summary of all Indian payment terms by clicking the button below.
| Industries | Laws | Codes | Notes | Interest Rate |
|---|---|---|---|---|
| Government | ||||
| Comm_terms_law | ||||
| Construction | ||||
| Manufacturing | ||||
| Retail_agriculture | ||||
| Services |
LAWS
The Micro, Small and Medium Enterprises Development (MSMED) Act 2006 limits payment terms to SMEs to 45 days.
- Construction
- Manufacturing
- Retail_agriculture
NOTES
The Indian government’s e-marketplace for government procurement currently requires payment of suppliers within 10 days. The government is also currently debating the introduction of 30 days terms for all other government procurement.
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