Calculation of turnover for M.S.M.E

Effective from 1st July 2020, there is a new criteria (ie. turnover) to be ascertained before applying for MSME registration under Micro, small and medium enterprises.

(1) Exports of goods or services or both shall be excluded while calculating the turnover of any
enterprise whether micro, small or medium, for the purposes of classification.

casolutionsglobal(2) Information as regards turnover and exports turnover for an enterprise shall be linked to the
Income Tax Act or the Central Goods and Services Act (CGST Act) and the GSTIN.

(3) The turnover related figures of such enterprise which do not have PAN will be considered on self-declaration basis for a period up to 31st March 2021 and thereafter, PAN and GSTIN
shall be mandatory

 

Priyansh Minocha

Priyansh Minocha is C.E.O and Director at Amonest India Private Limited and Founder at Casolutionsglobal

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