ENA MSME 2022-10-19 10:11:38 <p><strong>New Delhi, Oct 19 (KNN)</strong> The Ministry of MSME notified on Tuesday that an enterprise shall continue to avail of all non-tax benefits of the category it was in before the re-classification, for a period of three years from the date of such upward change.</p> <p><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></p> <p>The notification replaces the old text with the new insertion: (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 non-tax benefits of the category (micro or small or medium) it was in before the reclassification, for a period of three years from the date of such upward change. </p> <p>This decision has been taken after due deliberations with MSME stakeholders and is in line with the Aatma Nirbhar Bharat Abhiyan, said the official statement.</p> <p>It clarifies that if in case an enterprise sees an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, it can still avail all non-tax benefits of the category it was in before the re-classification.</p> <p>Instead of one year the MSME Ministry has allowed those registered MSMEs to continue to avail of non-tax benefits for three years.</p> <p>Non-tax benefits include benefits of various schemes of the Government, including Public Procurement Policy, Delayed Payments, etc.</p> <p>Federation of Indian Micro and Small &amp; Medium Enterprises (FISME) has welcomed the move and thanked the Government for positively responding to request of MSMEs .</p> <p>A large number of small enterprises suddenly became ineligible after reclassification. Some were in the middle of tendering process. The clarification will help clear the air, said Prashant Patel, President FISME. </p> <p>View notification here: <a href="https://dcmsme.gov.in/Notification%20no%204926%20E%20dated%2018%20Oct%202022%20related%20to%20Non%20tax%20benefits.pdf">http://dcmsme.gov.in/Notification%20no%204926%20E%20dated%2018%20Oct%202022%20related%20to%20Non%20tax%20benefits.pdf</a></p> <p><em><strong>(KNN Bureau)</strong></em></p> 30913 https://knnindia.co.in/news/newsdetails/msme/msmes-to-continue-availing-non-tax-benefits-for-3-more-years-if-eligible-before-re-classification 2022-10-19 10:11:38 knnindia.co.in