New guidelines on MSMEs including registration
Ministry of Micro, Small and Medium Enterprises vide notification dated 26th June, 2020 has issued new guidelines on MSMEs. https://msme.gov.in/whatsnew/gazette-india
Highlights are as follows:-
1. New MSME Regsiration process would be called as Udyam Registration
2. All existing enterprises registered under Udyog Aadhar Memorandum, shall be required to submit the required information on Udyam Registration portal for registation as per new criteria on or after 01.07.2020.
3. Classification of Enterprises
Micro enterprises – Investment in P&M upto Rs 1 cr & Turnover upto Rs 5 cr
Small enterprises – Investment in P&M upto Rs 10 cr & Turnover upto Rs 50 cr
Medium enterprises – Investment in P&M upto Rs 50 cr & Turnover upto Rs 250 cr
Export of Goods and Service will be excluding will computing Turnover.
4. Information of Turnover will be linked to IT Act or GST Act
5. Registration Process for new enterprises;
6. Effective date will be 01.07.2020
7. Facilitation and grievance redressal of enterprises
The detailed Government circular can be accessed at https://msme.gov.in/sites/default/files/IndianGazzate_0.pdf