Professional Updates

The Central Government (Ministry of Micro, Small And Medium Enterprises) issued notification dated 26th June 2020 (S.O. 2119(E)), to notifies certain criteria for classifying the enterprises as micro, small and medium enterprises (MSME) and specifies the form and procedure for filing the memorandum (“Udyam Registration”), with effect from the 1st day of July, 2020. The new era of MSME will certainly bring new way of governance in MSME sector. Here is the details of the notification: 1. Classification of enterprises. – An enterprise shall be classified as a micro, small or medium enterprise on the basis of the investment and turnover criteria i.e. composite criteria, namely: - Criteria/Classification Micro enterprise Small enterprise Medium enterprise Investment Less than 1 Cr Less than 10 Cr Less than 50 Cr   and and and Turnover Less than 5 Cr Less than 50 Cr Less than 250 Cr As per new definition of MSME, disti

CBIC issued notifications to provide relief by waiver of late fees and interest for delay in furnishing  FORM GSTR-1 & GSTR3B. here is the summary of the due dates for relevant tax periods along with conditional due dates :