As a historically significant, bold initiative and a landmark decision, the Ministry of Central Micro, Small and Medium Enterprises (MSMEs) has issued a Unified Notice on Registration and Classification Guidelines for MSMEs. To get more about the MSME registration, read more and get to know more about company registration chennai.
It may be recalled that on June 1, 2020, the Ministry issued a statement on the new definition of classifying small, medium and micro enterprises on the basis of investment and turnover. It was also announced that it would come into effect from July 1, 2020.
Accordingly, the Ministry of Micro, Small and Medium Enterprises has announced in advance the steps to implement the new procedures from next month. To this end, the Ministry in June held a series of consultations with stakeholders, including the Advisory Board, Income Tax, Goods and Services Tax, State Government Officials and Micro, Small and Medium Enterprises Associations.
Based on this, the Ministry of Small and Medium Enterprises has issued a detailed notification on 26 June 2020.
This announcement provides detailed definitions for small, medium and micro enterprises. It also details the procedure for registration and the arrangements made by the Ministry for this purpose.
Another important aspect of this announcement is that it will have the upper hand over all notices already issued regarding the classification or registration of small, medium and micro enterprises. Now it is enough to quote this statement only for matters related to classification or registration of entrepreneurs, businesses and micro, small and medium enterprises.
* From now on, micro, small and medium enterprises will be called UDYAM. This is very close to the word industry. Accordingly the registration procedure is said to be the Udyam Registration.
* As another historic milestone, the Ministry has issued the following statement. You can apply for Udyam registration online on the basis of self-notification. There is no need to upload anything like documents, evidence or sources.
* Officials said this is possible as there are procedures for registration of utility fully integrated with income tax, goods and services tax. They also said that the information filled online would be verified on the basis of PAN number or GSTIN details.