MSME reclassification
Now classification of Micro, Small and Medium enterprises will be done instead of from investment in plant and machinery/equipment to annual turnover.
This is a good move by Govt. Attached details. more
This is a good move by Govt. Attached details. more
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Great move indeed. Wish the government impose corporate tax also on the turn over rather than on net profit. Earlier the business tycoons such as Birlas, Tata’s, Bata, Dakurias do business for serving the society and not for profit. Then profit was a dirty word. This has changed and the result that we all know. more
Feb 11
I believe it should be a merger of the two, e.g. if you invested 2 Crore, and yet for some reasons your turn over is not achieved, you do not become micro. In today's market, 2 Crore is hardly an investment but in our society still it is considered large. more
Feb 10
This is a long awaited move. Earlier definition based on investment in plant and machinery resulted in confusion as to inclusion and exclusion for reckoning investment Moreover value of second hand machinery posed a great Problem. Many large Companies which out source and market products took advantage and were extended SSI benefits. However for Micro enterprises, limit of Rs, 5crore is too high and majority of Micro units have less than Rs 1 crore turnover Therefore Govt may insert a Sub category..Small Micro enterprises upto Rs 1 crore turnover. For priority lending classification we have to wait for RBI Policy more
Feb 09
I also seek assistance from the members of Local Circle that I am having Prop.firm and doing consultancy to exhibit the products of foreign companies in India. My annual income / turnover is less than 20Lacs/annum, therefore, there is no need of GST registration. Now my bank freezed the account due to lack of documents submitted for KYC. I have submitted the MSME registration,Delhi Shop registration certificates, ITR with balance sheet showing the income from business in the name of proprietorship firm. But HDFC Bank is not satisfied. Please advice in the matter. more
Feb 09
