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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):

MSME new definition applicable w.e.f 01st July, 2020 notified by MSMED
    

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)

Existing MSME Classification

Source: http://egazette.nic.in/WriteReadData/2020/219680.pdf

Disclaimer: IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.


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Category Corporate Law, Other Articles by - CS Lalit Rajput 



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