TMI BlogMSME Classifications and Registration Requirements w.e.f. 01.07.2020X X X X Extracts X X X X X X X X Extracts X X X X ..... MSME Classifications and Registration Requirements w.e.f. 01.07.2020 - By: - Hemant Gupta - Corporate Laws / IBC / SEBI - Dated:- 14-7-2020 - - Ministry of Micro, Small and Medium Enterprises have come out with notification no. [F. No. 21(5)/2019-P G/Policy (Pt-IV)] dated 26th June 2020, wherein following new criteria of classification of enterprises and new registration procedures under MSMED ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act,2006:- Classification Micro Enterprises Investment in Plant Machinery or Equipment - Not more than 1 Crore Turnover - Not more than 5 Crores Small Enterprises Investment in Plant Machinery or Equipment- Not more than 10 Crores Turnover - Not more than 50 Crores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Medium Enterprises Investment in Plant Machinery or Equipment- Not more than 50 Crores Turnover - Not more than 250 Crores Criteria of investment and turnover for classification Investment and Turnover criteria shall be considered together for classification. All units with GSTIN under same PAN shall be considered colle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctively i.e. Investment and turnover of all the units shall be considered collectively For calculation of Investment in Plant Machinery : - Investment declared in previous year Income Tax Return shall be considered. If there is no previous year Income Tax Return, self-declaration shall be filed by promoter. Value in Purchase invoice excluding GST shall be considered, where t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here is no Income Tax Return. Plant Machinery or Equipment shall be all tangible asset except Land Building and Furniture Fittings. Definition of Plant Machinery or Equipment shall be considered as written in Income Tax Act,1961 For calculation of Turnover : - Export turnover shall be excluded. Value of turnover and export shall be linked with Income Tax and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST For Enterprises not having PAN turnover shall be considered on self-declaration basis upto 31.03.2021. After that obtaining of PAN shall be mandatory for enterprises Registration for New Enterprises Aadhar Number shall be required for registration at Udyam Registration portal. Criteria of usage of Aadhar number shall be : Constitution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whose Aadhar shall be required Proprietorship Aadhar Number of proprietor Partnership Aadhar Number of managing partner HUF Aadhar Number of Karta Company, LLP, Cooperative Society, Society or Trust GSTIN PAN of Organisation and Aad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... har of authorised signatory Registration for Existing Enterprises All enterprises registered under EM Part-II or UAM (i.e. existing Udyog Aadhar) shall register again on Udyam Registration portal. Enterprises shall be reclassified as per new criteria. Existing registration shall be valid upto 31st March, 2021. Post- Registration procedures Udyam Registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Number (URN) shall be allotted to the enterprises. After URN is allotted enterprises shall update the details of ITR and GST return relating to previous year, on Udyam Registration portal. If details are not updated in prescribed time, status of MSME may be suspended. After the details are update by enterprise, status of enterprise shall get updated on portal. If there is any chan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge in status, as applied, communication shall be sent to enterprise. If status is shifted upward, enterprise shall continue its existing status till one year from end of year of registration. If status is shifted downward, enterprise shall continue its status till the end of financial year. And benefits of new status shall be applicable from 01 st April of new year. - Reply B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y giri gattupalli as = respected sir thanks for valuable information.what are the benifits relating to electricity bills for msmes and how to approach the related authorities thanking you Dated: 21-7-2020 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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