MSMED Act

Quick read- Provisions of definition & payment to MSME

Fema / RBI - Summary table of relevant provisions regarding definition and payment to MSME Ref: (i) The MSMED Act 2006 (came into force on 2nd October, 2006) (ii) The Central Government Notification number S.O 5622 (E) dated 18th Nov 2018 (iii) The MCA Order Jan 2019 – The Specified Companies (Furnishing of information about payment to micro and...

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Insolvency Ordinance on Pre-packaged Deals – A Lifeline in Havoc

Fema / RBI - The IBC region witnessed another IBC amendment ordinance 2021 that provides relief to the micro, small and medium enterprises.  Any default of one crore or less can be initiated under the pre-packaged process by the corporate debtor....

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MSME-1 Form –Roc Filling –Due Date 30th April 2021

Fema / RBI - The Ministry of Corporate Affairs have made major changes for protecting the interest of groups of small companies or business. He laid emphasis on following compliance by all Specified Companies Whether Public or a Private Company, Micro or Small. The Companies who receive supply of goods or services from Micro or small enterprises and t...

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Virtual CFO Service – A Smart Choice for The MSMEs

Fema / RBI - CA Preeti Gupta MSMEs (Micro Small and Medium Enterprises) are considered to be the backbone of the Indian economy considering their valuable contribution to the socio-economic development of the country. An MSME is relatively a small scale organisation where timely availability of funds and its proper management are extremely importan...

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Bank Audit 2021- Decoding MSME and Priority Sector Loans

Fema / RBI - The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED [&hellip...

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ICAI Launches 100 Facilitation Centre for MSME/GST

Fema / RBI - ICAI launched MSME Mentorship Programme & 100 Facilitation Centre for MSME/GST during National Conclave on Empowering MSMEs towards Aatmaniarbhar Bharat to make them globally competitive....

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CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs

Fema / RBI - CBIC has taken a new initiative to introduce its flagship Liberalised MSME AEO Package for Micro Small and Medium Enterprises (MSMEs)....

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Initiatives & Interventions of MSME Ministry to tackle COVID-19

Fema / RBI - Technology based Initiatives & Interventions of MSME Ministry to tackle COVID-19 challenge leads to Effective response to Prime Minister’s call of Atmanirbhar Bharat & Make in India The Step Results in lowering the cost of Medical items including Hand Sanitizer; It leads to reducing imports and making exports possible of several C...

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MSME Ministry Letter Granting Loan & Requesting Rs 1000 as Processing Fee is Fake

Fema / RBI - An approval letter allegedly issued by the Ministry of MSME is granting a loan and requesting a payment of ₹ 1000 on the pretext of processing fee. This letter is Fake. Ministry of MSME does not directly deal with individual beneficiaries for any of its credit schemes....

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MSME Ministry alerts about unauthorized activities of MSME Export Promotion Council

Fema / RBI - Ministry of Micro,Small & Medium Enterprises PRESS NOTE Ministry of MSME alerts the public at large about unauthorized and ill-intentioned activities of MSME Export Promotion Council Ministry takes strong note of mischievous activities of this organization projecting itself as part of the MSME Ministry Ministry denies its role or auth...

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HC directs MSME Facilitation council to decide if council is empowered to act as an Arbitrator

Sanganer Enviro Project Development Vs State of Gujarat (Gujarat High Court) - Sanganer Enviro Project Development Vs State of Gujarat (Gujarat High Court) In this case High Court has directed Micro and Small Enterprises Facilitation Council to decide the following preliminary issue- Whether the respondent No.2 i.e. Micro and Small Enterprises Facilitation Council is empowered...

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HC dismisses PIL to include Advocates in Definition of ‘Professionals’ under MSMED Act

Abhijit Mishra Vs Union of India & Ors (Delhi High Court) - Whether the public interest litigation (PIL) challenging non-inclusion of advocates in the definition of the word 'professionals' under the MSMED Act, 2006 will be entertained by High Court?...

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Stay on NCLT Order Initiating Insolvency Proceedings against MSME

Pankaj Aggarwal Vs Union of India & Ors. (Delhi High Court) - Whether the NCLT was correct in passing an order of initiation of the CIRP against a MSME without considering the fact that the minimum threshold limit of filing application in NCLT has been increased to Rs. 1 Crore?...

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Unregistered MSME will also be treated as ‘supplier’ u/s 2(n) of MSMED Act

M/s Ramky Infrastructure Private Limited Vs Micro And Small Enterprises Facilitation Council & ANR (Delhi High Court) - Hon'ble HC held that an entity which falls within the definition of the micro/small enterprise will be treated as a ‘supplier’ under Section 2(n) of the MSMED Act even if it has not filed a Memorandum as required under Section 8(1) of the MSMED Act....

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Banks can deduct new Loan to MSME from NDTL till 31.12.2021

Circular No. RBI/2021-22/30 DoR.RET.REC.09/12.01.001/2021-22 - (05/05/2021) - Scheduled Commercial Banks allowed to deduct amount equivalent to credit disbursed (up to ₹ 25 lakh per borrower) to new MSME borrowers from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR) up to the fortnight ending December 31, 2021. Reserve Bank of In...

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Measures to facilitate MSME for AEO T1 & T2 accreditation- reg.

Circular No. 54/2020-Customs - (15/12/2020) - CBIC relaxes entire gamut of compliance & security requirements for MSMEs. The relaxation has been carried out to ensure that the MSMEs are facilitated through rationalized compliance requirements...

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New Definition of Micro, Small & Medium Enterprises- clarifications

RBI/2020-2021/26 FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 - (21/08/2020) - (i) Classification / re-classification of MSMEs is the statutory responsibility of the GoI, Ministry of MSME, as per the provisions of the MSMED Act, 2006. (ii) As per para 2 of the said Gazette notification all enterprises are required to register online and obtain ‘Udyam Registration Certific...

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Clarification on existing EM Part-II/ UAM/New Udyam Registration-reg.

No. 2/1(5)/2019- P&G/Policy (pt. IV) - (06/08/2020) - MSME Clarification on existing Entrepreneurs Memorandum (EM) Part-II/Udyog Aadhaar Memorandum (UAM)/New Udyam Registration dated 6th  August, 2020 No. 2/1(5)/2019- P&G/Policy (pt. IV) Ministry  of MSME Office of the Development  Commissioner(MSME) Ministry of Micro, Small & Medium Enterpr...

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CBDT Signs MOU with MoMSME for sharing of data

Release ID: 1639978 - (20/07/2020) - The MoU will facilitate seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified in the Notification No. S.O. 2119(...

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Recent Posts in "MSMED Act"

Banks can deduct new Loan to MSME from NDTL till 31.12.2021

Circular No. RBI/2021-22/30 DoR.RET.REC.09/12.01.001/2021-22 05/05/2021

Scheduled Commercial Banks allowed to deduct amount equivalent to credit disbursed (up to ₹ 25 lakh per borrower) to new MSME borrowers from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR) up to the fortnight ending December 31, 2021. Reserve Bank of India RBI/2021-22/30 DoR.RET.REC.09/12.01....

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Quick read- Provisions of definition & payment to MSME

Summary table of relevant provisions regarding definition and payment to MSME Ref: (i) The MSMED Act 2006 (came into force on 2nd October, 2006) (ii) The Central Government Notification number S.O 5622 (E) dated 18th Nov 2018 (iii) The MCA Order Jan 2019 – The Specified Companies (Furnishing of information about payment to micro and...

Read More
Posted Under: Company Law |

Insolvency Ordinance on Pre-packaged Deals – A Lifeline in Havoc

The IBC region witnessed another IBC amendment ordinance 2021 that provides relief to the micro, small and medium enterprises.  Any default of one crore or less can be initiated under the pre-packaged process by the corporate debtor....

Read More
Posted Under: Company Law |

MSME-1 Form –Roc Filling –Due Date 30th April 2021

The Ministry of Corporate Affairs have made major changes for protecting the interest of groups of small companies or business. He laid emphasis on following compliance by all Specified Companies Whether Public or a Private Company, Micro or Small. The Companies who receive supply of goods or services from Micro or small enterprises and t...

Read More
Posted Under: Company Law |

Virtual CFO Service – A Smart Choice for The MSMEs

CA Preeti Gupta MSMEs (Micro Small and Medium Enterprises) are considered to be the backbone of the Indian economy considering their valuable contribution to the socio-economic development of the country. An MSME is relatively a small scale organisation where timely availability of funds and its proper management are extremely importan...

Read More
Posted Under: Company Law |

Bank Audit 2021- Decoding MSME and Priority Sector Loans

The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED [&hellip...

Read More
Posted Under: Company Law |

Facing Cash Crunch Situation – ‘Use MSME Samadhaan Initiative’

Dear Entrepreneurs, as we all know, after lockdown, MSME Industries are facing many challenges to survive in this competitive Market. Along with this, they are facing cash crunch. Even large enterprises are not able to meet their payment commitments within their payment cycle period. Some large enterprises are taking benefits of this crit...

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Posted Under: Company Law |

Benefits & Provisions for MSMEs under Income-Tax Act, 1961

A. Concessional rate of tax @25% for certain companion: In case of domestic company, where total turnover or the gross receipt in FY 2017-18 does not exceed Rs. 400 crore, rate of tax applicable for AY 2020-21 shall be 25% of the total Income. For AY 2021-22, concessional rate of 25% will apply, if gross […]...

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Posted Under: Company Law |

HC directs MSME Facilitation council to decide if council is empowered to act as an Arbitrator

Sanganer Enviro Project Development Vs State of Gujarat (Gujarat High Court)

Sanganer Enviro Project Development Vs State of Gujarat (Gujarat High Court) In this case High Court has directed Micro and Small Enterprises Facilitation Council to decide the following preliminary issue- Whether the respondent No.2 i.e. Micro and Small Enterprises Facilitation Council is empowered to act as an Arbitrator since the Coun...

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New MSME Rules, Filing Obligations, “Quick Payment of Invoice vis a vis No Recovery issues”

New MSME Rules, Filing Obligations, “Quick Payment of Invoice vis a vis No Recovery issues” The term “MSME” stands for Micro, Small, and Medium Enterprises and is governed under the provisions of Micro, Small, and Medium Enterprises Development (MSMED) Act in 2006. Vide Notification Dated 26.06.2020, the Ministry of MICRO, SMALL A...

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Posted Under: Company Law |

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