Indian government has announced the relief of measures for economic revival due to COVID19 crisis happening. The government has is the definition of m s m e Enterprises to increase the limits of an investment in the business.
Earlier there was a different criteria for manufacturing as well as service units, now all these entities are treated as equally and criteria for both the manufacturing and service units are same.
this will cover more new service enterprises as well as manufacturing units with the higher turnover and investment into the micro small and medium enterprises definition and these Enterprises can now avail the various schemes provided to MSME by government of India
this criteria is applicable for all the entities suggest proprietorship firms,LLP, private limited companies and partnership firms
New criteria for classification of micro, small and medium enterprises (MSME):
(i) a micro enterprise, where the investment in Plant and Machinery or Equipment does not
exceed one crore rupees and turnover does not exceed five crore rupees;
(ii) a small enterprise, where the investment in Plant and Machinery or Equipment does not exceed
ten crore rupees and turnover does not exceed fifty crore rupees;
(iii) a medium enterprise, where the investment in Plant and Machinery or Equipment does not
exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
The new criteria for MSME is effective from 1st June 2020.
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