Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
On the 26th June 2020 Government of India (GOI) considering the initiative drive under the Atmanirbhar Bharat Abhiyaan relief package, the GOI came up with the amendment in the Existing Structure for MSME Classification.
With the aim of the Government is to take in a large number of enterprises under the benefits to be enjoyed by the MSMEs.
Turnover and Investment parameters were revised and changed to larger values in order to include more of the Medium Size enterprise to nurture the benefits so associated with various scheme in MSME ecosystem.
With the combined efforts of the Government of India while uplifting the Economy in this Pandemic Scenario. The Need for the revision in the Existing definition of the MSME on the basis of the Turnover and Investment criteria was considered to be amended.
Furthermore, Key Announcements were made in connection to it to same as:
Accordingly looking way ahead in this regard the Scope of the MSME have increased to many folds.
Considering the new criteria for classifying the MSME sector on the basis of the Investment and turnover, the Scope of the Classification has been widened to cover the chunk of Enterprises under the Scheme. Accordingly, we can have quick look over the Criteria as:
For Plant & Machinery
The Amendment is expected to make a considerable change for the MSME Sector while moving the scenarios towards self-sustainability.
Earlier the Classification was done on the basis of the categories as Manufacturing and Service enterprises and consequent to this amendment they have been considered under the common matrix and have being categorised under as investment in plants and machinery or equipment and turnover.
The Following Schemes are available for MSME:
The following points to be kept in mind while considering the criteria for classification also taking into consideration composite investment & turnover criteria:
Conclusion
Read our article:Amendment in Selection Criteria for MSME
Sweden is a country in Europe and has been a member of the European Union (EU) since 1995. The...
Gold loans are among the most popular loan types, particularly in rural India. Millions of peop...
The Reserve Bank of India (RBI) has recently issued new guidelines aimed at reducing unfair cha...
Corporate tax plays an important role in selecting the ideal location for setting up a business...
The United Arab Emirates (UAE) is recognized as the top global destination for innovation and i...
Are you human?: 5 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Ministry of Micro, Medium, and Small Enterprises notified about the Udyog Aadhar Memorandum under the MSMED Act...
02 Mar, 2021
Directions have been issued by the RBI in the name of lending to MSME Sector Directions 2017. The provisions of the...
27 Apr, 2021