The Ministry of Micro, Small and Medium Enterprises (MoMSME) on October 18, 2022 has issued amendments to Notification number S.O. 2119(E), dated June 26, 2020, which specifies “Certain criteria for classifying an enterprise as micro, small and medium enterprises and various forms and procedures for filing the memorandum”.
The following has been amended namely: -
• Paragraph 8 which states “Updation of information and transition period in classification”, the following sub-paragraph (5) shall be substituted, namely: -
"(5) In case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all nontax benefits of the category (micro or small or medium) it was in before the re-classification, for a period of three years from the date of such upward change.”
[Notification No. 4926(E)]
