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DAILY NEWS ANALYSIS

  • 17 June, 2020

  • 1 Min Read

Changing the definition of MSME

Changing the definition of MSME

The government is changing the criteria to define micro, small and medium enterprises (MSMEs), to make these in sync with the goods and services tax (GST) regime. The earlier classification was based on the investment in plant and machinery in the case of goods companies and in equipment in the case of service companies.

  • The new classification is based on annual turnover.

Enterprises

Old Definition

(In Million Rs.)

New Definition

(In million Rs.)

Goods

Companies

Services Firm

MICRO

2.5

1

50

SMALL

25-50

1-20

50-750

MEDIUM

50-100

20-50

750-2500

The change would be effective when the proposed amendments to the Micro, Small and Medium Enterprises Development Act, 2006, comes into effect.

Source: TH


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