MSME issued clarifications on 6th August, 2020 related to registration under new scheme
- All existing EM part II and Udyog Aadhaar issued prior to 30th June, 2020 shall continue to be valid till 31-3-2021
- Existing registration details of MSME registered units can be updated on Udyam registration portal (http:udyamregistration.gov.in) by applying for Udyam registration number well before 31-3-2021
- It is clarified that online form for Udyam registration captures depreciated cost (Written Down Value) as on 31st of each year as defined under Income Tax Act. Hence, original cost/ cost of acquisition is no more relevant which was applicable earlier for classification of units into Micro, Small and Medium.
- The expression plant & machinery include all tangible assets as defined under Income Tax Act (other than land & building, furniture and fittings)
Disclaimer:
The purpose of this blog is for education purpose and should not be construed as professional advice. Views expressed herein are the personal views of the author. Government or judicial authorities may or may not subscribe to the views expressed herein. Author of the blog is not liable for any implications arising out of actions taken based on the views expressed herein.