Micro, Small & Medium Enterprises

MSME Mandatory Reporting:

• The government has given a new turnover based classification of MSMEs in February 2018.
• As per this new classification, the MSMEs are categorized in term of business turnover instead of Investment in machinery.
• It was the Micro, Small and Medium Enterprises D87evelopment (MSMED) Act which was notified in 2006 that defined the three tiers of micro, small and medium enterprises and set investment limits. But this investment limit changed to Turnover.
• This MSME act applicable to both manufacturing and service sector.
• A Micro Enterprise will be defined as a unit where the annual turnover does not exceed Rs 5 crores.
• A Small Enterprise will be defined as a unit where the annual turnover is more than Rs 5 crore but does not exceed Rs 75 crore.
• A Medium Enterprise will be defined as a unit where the annual turnover is more than Rs 75 crore rupees but does not exceed Rs 250 crore.
• Specified Companies every Public or private Company receive good or services from MSME and whose payment made due for 45 days or more.
• Every specified company shall file in MSME Form I one-time Return, covering details of dues existing on the date of notification of this order that is 22nd January 2019, within 30 days from the date 22nd January 2019 that is 21st February 2019.
• No form available on the MCA website yet.
• After the above filing company has to file two half-yearly returns every year before 31st October and 30th April.

Also, Read The relevant Blogs;

• Payment of Security to MSME according to LAW
• Cheer for SMEs and manufactures
• Complete Guidance on Udyog Aadhar Registration
• Top Taxation Relaxation to MSMS
• MSME CONSULTANCY & REGISTRATION SERVICE
• An Emerging Threat to Small Enterprises MSMEs