MSME Classification Revised, Revised Definition of MSME

DEFINITION OF MSME: New Classification of MSME is based on Investment & Turnover Creteria. Also now their is no distintion between Manufaturing & Service Sector. The Classification is as follows:

MSME Classification Revised, Revised Definition of MSME

MICRO:

• An organisation will be Micro when Investment is less than Rs 1Cr and
• Turnover is less than Rs 5Cr.

SMALL

• The organisation will be Micro when Investment is less than Rs 10Cr and
• its Turnover is less than Rs 50Cr.

MEDIUM

• The organisation will be Micro when Investment is less than Rs 20Cr and
• its Turnover is less than Rs 100Cr.

Also, another good news is that Deadline of Income tax return (ITR) for FY 2019-20 has be extended from 31st July, 2020 and 31st October, 2020 to 30th November, 2020.

Similarly Tax audit due dates have been extended from 30th September, 2020 to 31st October, 2020.

Some other Good news are:

• Change in definition of MSME
• Date of making payment in Vishwas Scheme Extended