{"id":186614,"date":"2018-02-08T10:24:25","date_gmt":"2018-02-08T04:54:25","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=186614"},"modified":"2018-02-08T10:24:25","modified_gmt":"2018-02-08T04:54:25","slug":"cabinet-approves-change-classification-criteria-micro-small-medium-enterprises-msmes","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/08\/cabinet-approves-change-classification-criteria-micro-small-medium-enterprises-msmes\/","title":{"rendered":"Cabinet approves change in classification criteria of Micro, Small and Medium Enterprises (MSMEs)"},"content":{"rendered":"<p style=\"text-align: justify;\">The Union Cabinet has approved change in the basis of classifying Micro, Small and Medium enterprises from \u2018investment in plant &amp; machinery\/equipment\u2019 to \u2018annual turnover\u2019. This will encourage ease of doing business, make the norms of classification growth oriented and align them to the new tax regime revolving around GST (Goods &amp; Services Tax).<\/p>\n<p style=\"text-align: justify;\">Section 7 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as follows:<\/p>\n<ul>\n<li style=\"text-align: justify;\">A micro enterprise will be defined as a unit where the annual turnover does not exceed five crore rupees;<\/li>\n<li style=\"text-align: justify;\">A small enterprise will be defined as a unit where the annual turnover is more than five crore rupees but does not exceed Rs 75 crore;<\/li>\n<li style=\"text-align: justify;\">A medium enterprise will be defined as a unit where the annual turnover is more than seventy five crore rupees but does not exceed Rs 250 crore.<\/li>\n<li style=\"text-align: justify;\">Additionally, the Central Government may, by notification, vary turnover limits, which shall not exceed thrice the limits specified in Section 7 of the MSMED Act.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">At present the MSMED Act (Section 7) classifies the Micro, Small and Medium Enterprises (MSMEs) on the basis of investment in plant and machinery for manufacturing units, and investment in equipment for service enterprises. The criterion of investment in plant and machinery stipulates self declaration which in turn entails verification if deemed necessary and leads to transaction costs.<\/p>\n<p style=\"text-align: justify;\">Taking turnover as a criterion can be pegged with reliable figures available e.g. in GST Network and other methods of ascertaining which will help in having a non discretionary, transparent and objective criteria and will eliminate the need for inspections, make the classification system progressive and evolutionary, help in overcoming the uncertainties associated with the classification based on investment in plant &amp; machinery\/equipment and employment, and improve the ease of doing business. In addition the amendment will provide flexibility to the Government to fine-tune the classification of MSMEs in response to changing economic scenario without resorting to the amendment of MSMED (Micro, Small &amp; Medium Enterprises Development) Act.<\/p>\n<p style=\"text-align: justify;\">The change in the norms of classification will enhance the ease of doing business. The consequent growth and will pave the way for increased direct and indirect employment in the MSME sector of the country.<\/p>\n<p style=\"text-align: right;\">Cabinet<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Cabinet has approved change in the basis of classifying Micro, Small and Medium enterprises from \u2018investment in plant &amp; machinery\/equipment\u2019 <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-186614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cabinet approves change in 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&#8212; New definition and criterion notified; will come into effect from 1st July, 2020","author":"Bhumika Indulia","date":"June 3, 2020","format":false,"excerpt":"Union Ministry of Micro, Small and Medium Enterprises (M\/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country. The new definition and criterion will come into effect from 1st July, 2020. After 14 years since\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/06\/MSME.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/06\/MSME.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/06\/MSME.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/06\/MSME.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/06\/MSME.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":94111,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/21\/benefit-of-lower-rate-of-income-tax-on-digital-turnover-for-small-businesses\/","url_meta":{"origin":186614,"position":1},"title":"Benefit of lower rate of income tax on digital turnover for small businesses","author":"Saba","date":"December 21, 2016","format":false,"excerpt":"Measures for Promoting Digital Payments & Creation of Less-Cash Economy:\u00a0 Benefit of lower rate of Income Tax on digital turnover for small businesses The benefit of lower rate of Income tax on digital turnover for small businesses up to a turnover of Rs.2,00,000,00 (Rupees Two Crore), announced by the Government\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":142581,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/15\/services-provided-by-housing-society-resident-welfare-association-not-to-become-expensive-under-gst\/","url_meta":{"origin":186614,"position":2},"title":"Services provided by Housing Society Resident Welfare Association not to become expensive under GST","author":"Saba","date":"July 15, 2017","format":false,"excerpt":"There are some press reports that services provided by a Housing Society [Resident Welfare Association (RWA)] will become expensive under GST. These are completely unsubstantiated. It may be mentioned that supply of service by RWA (unincorporated body or a registered non- profit entity) to its own members by way of\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":228182,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/04\/10\/implications-of-increased-threshold-under-the-insolvency-and-bankruptcy-code\/","url_meta":{"origin":186614,"position":3},"title":"Implications of Increased threshold under the Insolvency and Bankruptcy Code\u00a0","author":"Bhumika Indulia","date":"April 10, 2020","format":false,"excerpt":"by Akshay Sharma and Kunwar Surya Pratap*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/insolvency.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":245296,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/10\/gst-e-invoicing-turnover-limit-reduced-to-rs-50-crores\/","url_meta":{"origin":186614,"position":4},"title":"GST e-invoicing turnover limit reduced to Rs 50 Crores","author":"Bhumika Indulia","date":"March 10, 2021","format":false,"excerpt":"The Government, on the recommendations of the Council, made amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13\/2020 \u2013 Central Tax, dated the 21st March, 2020. The amendment modifies the turnover limit from one hundred crore to \u201cfifty crore rupees\u201d\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":212602,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/28\/sc-explains-meaning-of-total-turnover-under-the-karnataka-sales-tax-act\/","url_meta":{"origin":186614,"position":5},"title":"SC explains meaning of \u201ctotal turnover\u201d under the Karnataka Sales Tax Act","author":"Prachi Bhardwaj","date":"March 28, 2019","format":false,"excerpt":"Supreme Court: While examining the\u00a0applicability\u00a0of\u00a0the\u00a0turnover\u00a0tax\u00a0as\u00a0defined\u00a0under Section\u00a06 B(1)\u00a0of\u00a0the\u00a0Karnataka\u00a0Sales\u00a0Tax\u00a0Act,\u00a01957, the bench of AM Khanwilkar and Ajay Rastogi, JJ held: \u201cthe expression \u2018total turnover\u2019 which has been incorporated as referred to under Section 6\u00adB(1) is for the purpose of identification of the dealers and for prescribing different rates\/slabs. The first proviso to Section\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/186614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=186614"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/186614\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/28141"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=186614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=186614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=186614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}