what is the eligibility criteria for registration under msmed act. is it the criteria of investment in plant & machinery or turnover.
Saurabh Toshniwal (ca final) (2363 Points)
01 February 2019what is the eligibility criteria for registration under msmed act. is it the criteria of investment in plant & machinery or turnover.
Saikrishnan S
(Chartered accountant - Plintron)
(186 Points)
Replied 01 February 2019
Kindly refer below link
https://msme.gov.in/faqs/q1-what-definition-msme
The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 01 February 2019
but govt had proposed amendments in definition of msme from investment in plant & machinery to turnover basis, whether this amendment has been approved or yet pending.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 02 February 2019
It is still pending.
CS MOHIT SALUJA
(PRACTICING CS Jalandhar 9914558709)
(5155 Points)
Replied 02 February 2019
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 12 February 2019
You can refer detailed PPT on this subject in Files Section:
https://www.caclubindia.com/share_files/roc-return-for-msme--77237.asp
Sumit
( )
(25 Points)
Replied 26 July 2019
What is the definition of Plant and machinery? The government has issued a notification as to what is to be excluded but my confusion is what all asset can be included.
In India, you can register an MSME only through visiting at MSME Government website and filling an application form. MSME is an online portal which helps for process of MSME Registration. Who can register an MSME Certificate with lifetime validity and you can get MSME Registration Certificate in just 2-5 working days and MSME Registration Certificate is valid for both enterprises sectors Service and Manufacturing. There is no any limit to the name used by an individual person to register for new business or existing businesses in India.
Corpaid Vishal
(4 Points)
Replied 09 March 2021
With the hope of the to create five crore job opportunities in the MSME sector, the Government had announced making changes to the MSME, where turnover will define an MSME, and not based on the investment put into it.
Since its inception, part of MSME has proven to be India's most powerful economic sector. MSME manufactures and manufactures a wide range of products in the domestic and international markets.
The Government of India has taken several initiatives to holistically develop the MSMEs of the country
This includes benefits for them, as well as, initiatives for their smooth working and upgrade industries. MSMEs also contribute to and play an important role in the country's development in various areas such as low investment requirements, operational flexibility, mobility, low import rates, and high contribution to domestic production. MSMEs have played a key role in providing employment opportunities in rural areas. They have assisted in the industrialization of these areas at a lower cost compared to the larger industries. Acting as a co-operative unit in the major sectors, the MSME sector <https://www.msmeregistration.org/> has played a major role in social and economic development. With the strength and power to develop local technologies, provide strong competitiveness in the domestic and international markets, technology industries, contribute to building defense equipment, and produce new entrepreneurs by providing information, training and skills development skills through specialized training institutions.