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Business

Udyam Registration mandatory for all MSME units-CA Julfesh Shah

by TLN Team September 9, 2020September 9, 2020
written by TLN Team September 9, 2020September 9, 2020
Udyam Registration mandatory for all MSME units-CA Julfesh Shah
Every MSME unit needs to mandatorily apply for Udyam Registration now on the Udyam Registration portal of the Ministry of MSME & get the Udyam registration certificate said MSME expert CA Julfesh Shah while addressing a webinar on MSME benefits & Udyam Registration organized by the Aurangabad Branch of WIRC. He further said that there will be no fee for filing Udyam Registration & Aadhaar number of the unit owner /representative shall be required for Udyam Registration. All existing enterprises registered under EM–Part-II or UAM shall have to register again on the Udyam Registration portal on or after the 1st day of July 2020 & all enterprises registered till 30th June 2020, shall be re-classified in accordance with the new notification. The existing enterprises registered prior to 30th June 2020, shall continue to be valid only for a period up to the 31st of March, 2021.
An enterprise registered with any other organization under the Ministry of Micro, Small, and Medium Enterprises shall register itself under Udyam Registration. An enterprise having Udyam Registration Number shall update its information online in the Udyam Registration portal, including the details of the ITR and the GST Return for the previous financial year and such other additional information as may be required, on a self-declaration basis & failure to update the relevant information within the period specified in the online Udyam Registration portal will render the enterprise liable for suspension of its status, Shah explained.
According to the new definition for classification of MSME enterprises, it is provided that an enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely: –(i)a micro-enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; (ii)a small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and (iii) a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates or proof. On registration, an enterprise (referred to as “Udyam” in the Udyam Registration portal) will be assigned a permanent identity number to be known as “‘Udyam Registration Number”. An e-certificate, namely, “Udyam Registration Certificate” shall be issued on completion of the registration process,Shah said.
As per the new definition a composite criterion of investment and turnover will apply for classification of an enterprise as micro, small or medium & if an enterprise crosses the ceiling limits specified for its present category in either of the two criteria of investment or turnover, it will cease to exist in that category and be placed in the next higher category but no enterprise shall be placed in the lower category unless it goes below the ceiling limits specified for its present category in both the criteria of investment as well as turnover, Shah clarified.
All units with Goods and Services Tax Identification Number (GSTIN) listed against the same Permanent Account Number (PAN) shall be collectively treated as one enterprise and the turnover and investment figures for all of such entities shall be seen together and only the aggregate values will be considered for deciding the category as micro, small or medium enterprise.
The calculation of investment in plant and machinery or equipment will be linked to the Income Tax Return (ITR) of the previous years filed under the Income Tax Act, 1961. In case of a new enterprise, where no prior ITR is available, the investment will be based on self-declaration of the promoter of the enterprise and such relaxation shall end after the 31st March of the financial year in which it files its first ITR.Mr Shah added however the exports of goods or services or both, shall be excluded while calculating the turnover of any enterprise whether micro, small or medium, for the purposes of classification.In case of any grievances,it can be resolved by mailing it on the champions portal of the MSME ministry. He also outlined the number of benefits that can be claimed by an MSME unit.He also resolved the queries of the participants in the webinar which was well attended.CA Ganesh Shilwant, Chairman made the welcome remarks & CA Rupali Bothra, Secretary proposed vote of thanks.
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