As Udyam registration has been made compulsory for all MSME’s w. e. f. 01.07.2020 & the deadline for the same is 31st March 2021, the stakeholders should take care and complete their UDYAM registration process before this date said CA Julfesh Shah, MSME Expert while delivering a lecture on MSME’s & its benefits organized by MSME Entrepreneurs Forum of Western India Zone.
He also said that all existing enterprises registered under EM–Part-II or Udyog Aadhar Memorandum shall register again on the Udyam Registration portal & the existing enterprises registered under EM-Part II or Udyog Aadhar prior to 30th June, 2020, shall continue to be valid only for a period up to the 31.03.2021. CA Julfesh Shah further said that all enterprises registered till 30th June, 2020, shall be re-classified in accordance with the new notification specifying revised limits of recognition of an enterprise as a micro, small or medium scale units / enterprises as per the new definition of MSME.
In the case of businesses linked to a single PAN with different GST Numbers, collective investment in plant & machinery as well as collective turnover of an enterprise in various businesses linked to a single PAN shall be considered in order to decide category of unit as micro, small or medium enterprise. For the purpose of Udyam registration investment in Plant & Machinery shall be linked to Income Tax Return (ITR) of latest previous year filed under Income Tax Act which means that investment in plant & machinery shall be on written down method & not on gross investment basis. In the case of new enterprises, self-declaration of category of enterprises (till the time its 1st Income Tax Return gets filed) shall be base for its Udyam Registration.
Cost of plant & machinery for Udyam registration shall be invoice value less GST applied thereon.CA Shah added that turnover of export of goods &/or services shall be excluded while determining category of the unit& the amount of export turnover shall be cross checked & verified with Income Tax return & GST returns filed by an applicant unit.
An enterprise can file its all manufacturing & / or service activities in a single Udyam registration & Aadhar number of proprietor / Karta of HUF / authorized signatory is mandatory for Udyam registration, clarified CA Julfesh Shah in a largely attended webinar by entrepreneurs and industrialists.
The presentation was followed by question answer session which was effectively resolved by the speaker. Convener of the forum S.N. Rishi made welcome remarks and deputy convener V.K. Singh coordinated the session.
