GIST OF MSME NOTIFICATION

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GIST OF MSME NOTIFICATION
Ministry of Micro, Small and Medium Enterprises (MSMED) vide Gazette id no. CG-Dl-E-26062020-220191 and S.O. 2119(E). dated 26th  June 2020 as Officially Notified Criteria for Calculation of Investment and Turnover under MSME and Udyog Aadhaar registration is replaced with Udhyam Registration w.e.f. July 01,2020.

  • ·   MSME has made a revised classification of the micro, small and medium enterprise on the basis of the following criteria



Investment in Plant and Machinery
Turnover
Micro
<  1 Crore
<  5 Crore
Small
<  10 Crore
<  50 Crore
Medium
<  50 Crore
<  250 Crore

  • ·         Udyog Aadhaar registration is replaced with Udhyam Registration w.e.f. July 01,2020.
  • ·         All the entities which were registered on the Udyog Aadhaar portal now they have to register again on the Udyam Registration portal on or before the 31st March, 2021.
  • ·         All enterprises registered till 30th June, 2020, shall be re-classified in accordance with this notification.
  • ·         An enterprise having Udyam Registration Number shall update its information online in the Udyam Registration portal, including the details of the ITR and the GST Return for the previous financial year and such other additional information as maybe required, on a self-declaration basis.
  • ·         Exports of goods or services or both, shall be excluded while calculating the turnover of any enterprise whether micro, small or medium, for the purposes of classification.
  • ·         Information as regards turnover and exports turnover for an enterprise shall be linked to the Income Tax Act or the Central Goods and Services Act (CGST Act) and the GSTIN.
  • ·         The turnover related figures of such enterprise which do not have PAN will be considered on self-declaration basis for a period up to 31st March, 2021 and thereafter, PAN and GSTIN shall be mandatory.
  • ·         The calculation of investment in plant and machinery or equipment will be linked to the Income Tax Return (ITR) of the previous years filed under the Income Tax Act, 1961
  • ·         The purchase (invoice) value of a plant and machinery or equipment, whether purchased first hand or second hand, shall be taken into account excluding Goods and Services Tax (GST), on self-disclosure basis, if the enterprise is a new one without any ITR.

Link of Notification ;-http://egazette.nic.in/WriteReadData/2020/220191.pdf

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