Gujarat provides 8.5 lakh household tap water connections under Jal Jeevan Mission (See 'TOG News')Cabinet okays externally-aided dam rehabilitation and improvement Project (See 'TOG News')Pradhan invites foreign investment in Indian energy sectors (See 'TOG News')UK-India Economic Dialogue - FM leads delegation (See 'TOG News')'Filthy Air' Saga - Is it not a case of Pot calling Kettle black! (See 'THE COB(WEB)' in TIOL)DTAA - Tax on royalties or fees for technical service cannot continue to be levied at the old rate, which has been replaced by a new rate which is slightly lower: HC (See 'TOG Latest')I-T - Tribunal's order quashing revisionary order passed u/s 263, itself warrants being set aside, where it is passed in a casual manner without proper inquiry into facts & is based on wrong premises: HC (See 'TOG Latest')VAT - If the Revenue opines that an assessment order happens to be erroneous or prejudicial to Revenue's interests, the Revenue is obligated to promptly seek review thereof, rather than waiting till the end of the limitation period: HC (See 'TOG Latest')VAT - Revenue cannot impose rate of tax for the entire sales turnover, where the turnover of the assessee is less than the statutory limit of Rs 50 lakhs: HC (See 'TOG Latest')Arrest before adjudication of offence under GST in the backdrop of allied Acts (See 'The Insight')MoS inaugurates 'Direct Port Entry Facility' at Chidambaranar port (See 'TOG News')TP - Rendition of service using an equipment/process and the customer being only a recipient of service would attract equipment/process royalty under section 9(1)(vi): ITAT (See 'TOG Latest')I-T - Re-opening of assessment on the basis of an issue which is already touched upon during original assessment, is unwarranted: ITAT (See 'TOG Latest')Service Tax - When credit was reversed without utilization, no interest can be recovered: CESTAT (See 'TOG Latest')Customs - When Court is in session of a matter, an administrative or executive authority cannot start a parallel proceeding on the very same subject matter at its own ipse dixit and record a finding: HC (See 'TOG Latest')AIM launches India–Australia Economy Hackathon (See 'TOG News')TRIFED offers 100 new organically-grown tribal foodstuffs (See 'TOG News')
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Composite criteria to help MSME sector: MoS
By TOG News Service
Sep 23, 2020

TOG NEWS SERVICE, NEW DELHI, SEPT 23, 2020: AS a measure to help the MSMEs grow, the Government has notified composite criteria of classification of MSMEs based on investment in plant and machinery or equipment and turnover of the enterprise. The new criteria is effective from 1.7.2020.

However, to provide hassle free transition from old system of Udyog Aadhaar Memorandum to Udyam Registration, 31.03.2021 has been fixed as deadline. The New criteria provides that the turnover with respect to exports will not be counted in the limits of turnover for any category of MSME units whether micro, small or medium. There is no difference between manufacturing and service sector enterprises. The actual figures for Turnover with different investment limits depend upon a variety of socio-economic factors such as demand from consumers, Inflation, availability of labour and raw materials, price fluctuations, etc., in different cases. There is no uniform investment/turnover ratio. The new composite criteria is expected to bring about many benefits. This will also help in attracting investments and creating more jobs in the MSME sector. Moreover, the Udyam registration portal developed by this Ministry has facilitated MSMEs by providing the MSMEs to link themselves with (i) GeM portal for ensuring their participation in Government procurements, (ii) linkages with TReDS platform for helping the MSEs in realizing their delayed payments (iii) In case of change in status as a result of re classification due to changes in investment or turnover, the benefit associated with the status would be effective from 1st April of the financial year following the year in which such change took place.

This information was given by Mr  Pratap Chandra Sarangi, Minister of State for Micro, Small and Medium Enterprises in written reply to a question in Lok Sabha yesterday.