Quick Summary
MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION New Delhi, the 26th June, 2020 S.O. 2119(E).In exercise of the powers conferred by sub-section (1) read with sub-section (9) of section 7 and sub-section (2) read with sub-section (3) of section 8, of the Micro, Small and Medium Enterprises Development Act, 2006, (27 of 2006), hereinafter referred to as the said Act, and in supersession of the notifications of the Government of India in the Ministry of Micro, Small and Medium Ente
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
Micro enterprises have investment up to ₹1 crore and turnover up to ₹5 crore. Small enterprises have investment up to ₹10 crore and turnover up to ₹50 crore. Medium enterprises have investment up to ₹50 crore and turnover up to ₹250 crore.
The new criteria and the Udyam Registration process come into effect from the 1st of July, 2020.
Udyam Registration is the new process for classifying and registering micro, small, and medium enterprises. It's an online self-declaration system with no requirement to upload documents, and it assigns a permanent identity number.
Investment calculation is linked to previous Income Tax Returns. For new enterprises without prior ITRs, it's based on self-declaration until the first ITR is filed. The purchase value (excluding GST) is considered.
Exports of goods or services are excluded when calculating turnover. Turnover figures are linked to Income Tax or GST Acts. For enterprises without a PAN, self-declaration is accepted until March 31, 2021, after which PAN and GSTIN become mandatory.
Yes, all existing enterprises registered under EM-Part-II or UAM must re-register on the Udyam Registration portal on or after July 1, 2020. Existing registrations are valid only until March 31, 2021.
CAclubindia
