In a Gazette Notification dated 1st June, 2020 the Ministry of Micro Small and Medium Enterprises (“Ministry”) has notified the criteria for classification of micro, small and medium enterprises supressing a previous notification dated 30th September, 2006.
New criteria for classification of micro, small and medium enterprises:
- Micro Enterprise: Where the investment in Plant and Machinery or Equipment does not exceed 1 crore rupees and turnover does not exceed 5 crore rupees;
- Small Enterprise: Where the investment in Plant and Machinery or Equipment does not exceed 10 crore rupees and turnover does not exceed 50 crore rupees;
- Medium Enterprise: Where the investment in Plant and Machinery or Equipment does not exceed 50 crore rupees and turnover does not exceed 250 crore rupees.
The present Notification will become effective from 1st July, 2020.
Source: Ministry of Micro Small and Medium Enterprises
