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Amendment to MSME Development Act, 2006
February 12 , 2018
2351 days
906
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- The Union Cabinet has approved the proposal for amendment to the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.
- One of the key amendments changes the basis of classifying Micro, Small and Medium enterprises to ‘annual turnover’ from ‘investment in plant & machinery/equipment’.
- The purpose of amendment to Section 7 of MSMED Act, 2006 is to encourage ease of doing business, make MSME classification norms growth oriented and align them to new indirect tax regime revolving around Goods & Services Tax (GST).
- MSME is second largest employment generating sector after agriculture sector contributing around 31% to nation’s GDP.
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