MSMED Act articles

Classification of Enterprises as MSME W.E.F. 01.07.2020 

It is important to note that the industry was waiting for definition change in MSME for quite a long time. As there was fear among MSME that if they grow in terms of number, they might lose the title of being MSME and lose benefits of Government provided for MSME....

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Posted Under: Income Tax |

Classification of enterprises as MSMEs- Revised Criteria

Relevant Date: 26th June 2020 Introduced by: Ministry of MSME dated 26th June 2020 Effective date: 1st July 2020 What is new? 1. Classification of enterprises: An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely:- Type of Enterprises Investment in P&M Turnover Micro E...

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Posted Under: Income Tax |

Amendments in MSME Registration & Classification Criteria

WRITE UP ON MSME CONSEQUENT TO NOTIFICATION NO.S.O.2119(E) DATED 26TH JUNE 2020 The Central Government issued Notification No.S.O.2119(E) dated 26.6.2020 notified certain criteria for classifying the enterprises as micro, small and medium enterprises and specifies form and procedure for filing Memorandum (“Udyam Registration”), with e...

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Posted Under: Income Tax |

MSME Sector-Lifeline of Indian Economy

Introduction The world is battling with horrors like the COVID-19, which has left the entire world to a standstill. MSME is the maximum hit sector due to this global pandemic. So considering this fact that the MSME sector is the lifeline of the Indian economy, the government announced immediate relief measures to re-energise this sector. ...

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Posted Under: Income Tax |

MSME under IBC Regime

IBC refers to Insolvency and Bankruptcy Code, 2016, the Bankruptcy Law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. Certain provisions on Insolvency Law deals with Micro, Small and Medium Enterprises (MSME’s) which are reproduce below for reference. 1. Section 29A of ...

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Posted Under: Income Tax |

Process of MSME Registration for Startups & Others

In this editorial author shall discuss about MSME,Criteria for Registration under MSME, Industries which are allowed to register under MSME and Process of Registration under MSME. MSME stands for ‘Micro, Small & Medium Enterprises”. Earlier in India, there were the following Acts: √ The Coir Industry Act, 1953 √ The Khadi and ...

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Posted Under: Income Tax |

Micro Small And Medium Enterprises- A Detailed Study

After declaration of economic stimulus package ‘ATMANIRBHAR BHARAT PART 1’ ON 13/05/2020 by finance minister which was largely related to MSME, most of persons are curious about MSME units and it has been one of the most searched words in the web world of Indian sub-continent. To enlighten the public at large on various releva...

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Posted Under: Income Tax |

Policy Measures To Uplift MSME Sector

Introduction of topic From a worldwide perspective, it has been recognized that micro, small and medium enterprises (MSMEs) play a vital role in economic development, as they have been the primary sources of job/employment creation and output growth, not only in less developed countries but also in developed countries. MSMEs have been acc...

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Posted Under: Income Tax |

Is Unregistered MSME Entity eligible for MSME Recovery Proceedings?

What is Statutory Arbitration?  There are various statutes providing for dispute resolution by way of arbitration, even though parties did not have an express arbitration clause between them i.e., Section 7-B of Telegraph Act,1885, Section 52 of Electricity Act, Section 76(2) of Electricity (Supply) Act, etc. In the same manner even Sec...

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Posted Under: Income Tax |

MSME: All Past & Present Benefits

1. BENEFITS TO MSME 1. Central Government reserved three hundred fifty (350) items for purchase from MSMEs, under the Government Stores Purchase Programme. 2. MSE sector now has greater access to credit as a result of its classification as a priority lending sector. The banks are required to compulsorily ensure that specified percentage o...

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Posted Under: Income Tax |

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