Statutory Boost

The Ministry of Micro, Small and Medium Enterprises has issued a  Clarification letter dated 28th September 2021 regarding Financial Year of which the data of Investment, Turnover and Export shall be collected from the IT Department and GSTN for effecting Classification and registration of MSMEs on the Udyam portal . For the Financial year 2018-19, the timeline for filling of IT Return was July, 2019 and time may be required for further processing. In the case of companies/ enterprises, the accounts gets audited and completed by October or November, 2019. Also, the process of GST Return for the Financial Year 2018-19 follows similar timelines. Hence, frozen data of 2018-19 has been considered for MSME registration and classification during the year 2020-21. Data of 2019-20 will be considered for MSME registration and classification during the year 2021-22. Data of 2020-21 will be considered for MSME registration and classification during the year 2022-23. It has been summarised as...

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades in the ambit of MSMEs . They will also get benefit of priority sector lending under RBI guidelines. With the revised guidelines the Retail and wholesale trades will be now be allowed to register on Udyam Registration Portal He said that the revised guidelines will benefit 2.5 Crore Retail and Wholesale Traders. For official content, click  here. Feel free to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

The Ministry of Micro, Small and Medium Enterprises vide its Notification dated 16th June 2021 has extended the validity of registration of existing enterprises from 31st March 2021 to  31st December 2021 . The existing enterprises registered prior to 30th June, 2020, shall continue to be valid only for a period up to the 31st December 2021 and the enterprise registered with any other organisation under the Ministry of Micro, Small and Medium Enterprises shall register itself under Udyam Registration as notified via  Notification dt. 26th June 2020 . Feel free to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Shri Nitin Gadkari announced simplification of process for registration of Micro, Small and Medium Enterprises. He said that : Now only PAN and Aadhaar will be required for registration of MSMEs . After getting registered, the MSME unit will be getting priority and finance. There shall be training to small units in fields of entrepreneurship and other related aspects, and in order to make India a global economic powerhouse, vision of MSME aims towards building a supporting ecosystem for MSMEs to enhance their contribution towards five trillion dollar economy. Emphasizing the importance of MSMEs, the Minister said that the MSMEs contribute significantly in the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities. He said that in order to boost the economic activities of MSMEs, the Government had announced a special incentive package ‘A...

Today, at 10:00 a.m. RBI Governor Mr. Shaktikanta Das made an unscheduled statement. The governor said that economic situation has altered drastically due to COVID 2nd wave. After a brief assessment of the current ongoing situation in the country he announced several measures. Following measures were announced :                 1.     Term Liquidity Facility of ₹50,000 crore to Ease Access to Emergency Health Services a.       On-tap liquidity of ₹ 50,000 crore at repo rate is being opened till March 31, 2022. b.       Under the scheme banks can support entities including vaccine manufacturers, medical facilities, hospitals and also patients. Such lending will get priority sector classification till repayment or maturity. c.       Banks to create a Covid loan book under the scheme. Such banks can park liquidity equal to Covid loan book with t...