The Ministry of Micro, Small and Medium Enterprises vide its gazette notification dated 1st June 2020 has modified criteria for classification of micro, small and medium enterprises.
As per the revised criteria, where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees shall be classified as “Micro” and a company with an investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees shall be classified as “small”. A firm with investment up to fifty crore rupees and turnover under two hundred and fifty crore rupees shall be classified as “medium”.
This notification shall come into effect from 01.07.2020.
Click here to read the Notification.
