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MSME NEW DEFINITION APPLICABLE W.E.F 01ST JULY, 2020 NOTIFIED BY MSMED.

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MSME NEW DEFINITION APPLICABLE W.E.F 01ST JULY, 2020 NOTIFIED BY MSMED.
By: CSLalit Rajput
June 3, 2020
All Articles by: CSLalit Rajput       View Profile
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MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMED) vide Gazette Id no. CG-DL-E-01062020-219680 and S.O. 1702(E) dated 01st June, 2020 has officially notified criteria for classification of micro, small and medium enterprises, -In exercise of the powers conferred by sub-section (1) read with sub-section (9) of section 7 of the ‘Micro, Small and Medium Enterprises Development Act, 2006,  due to which definition criteria has been changed now:

New Definitions – Enterprises

(shall come into effect from 01.07.2020):

micro enterprises

where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;

small enterprises

where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;

medium enterprises

where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees

Existing Definition (valid upto 30th June 2020)

Investment in plant & machinery

Entities

Manufacturing Sector

Service Sector

Micro Enterprises

does not exceed ₹ 25 lakh;

does not exceed ₹ 10 lakh

Small Enterprises

more than ₹ 25 lakh but does not exceed ₹ 5 crore;

more than ₹ 10 lakh but does not exceed ₹ 2 crore;

Medium Enterprises

more than ₹ 5 crore but does not exceed ₹ 10 crore.

more than ₹ 2 crore but does not exceed ₹ 5 crore.

Government Notification Sourcehttp://egazette.nic.in/WriteReadData/2020/219680.pdf

 

 

By: CSLalit Rajput - June 3, 2020

 

Discussions to this article

 

The Authorities should have also defined the meaning of turnover. The statement and objects appears to say that they source data from GST portal for the details.

By: Parimal Kulkarni
Dated: 04/06/2020

As per Cabinet press release dated 03rd June 2020,

Detailed Guidelines and Clarifications as regards the classification in pursuance of the changed definition are being issued separately by the MSME Ministry.

By: CSLalit Rajput
Dated: 04/06/2020

 

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