Big Amendment to MSMED Act

*Big Amendment to MSMED Act*

 

New Delhi, Feb 7 (UNI) The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved change in the basis of classifying Micro, Small and Medium enterprises from *'investment in plant & machinery/equipment'* to *'annual turnover'*. 

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 & Services Tax). 

*Revised definition – based on ANNUAL TURNOVER:* 

(For both, Manufacturing and service rendering units)

> *Micro* enterprise - Turnover up to Rs 5 cr

> *Small* enterprise - Turnover Rs. 5 cr to 75 cr

> *Medium* enterprise - Turnover Rs. 75 cr to 250 cr

http://www.uniindia.com/cabinet-approves-amendment-to-msme-development-act-2006/india/news/1131394.html#eMyi6FyDbWaTQKOm.99

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