Govt simplifies registration process for MSMEs

Govt simplifies registration process for MSMEs

Question: Consider the following statements:
i) Only PAN and Aadhar will be required now for registering an MSME.
ii) It was announced by Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Nitin Gadkari.
Which of the above are correct?

a) Only i
b) only ii
c) both i and ii
d) none of the above
Ans: c
Context

  • Recently Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Nitin Gadkari has announced simplification in rules for the registration of the MSMEs.

Facts

  • As per the simplified rule only PAN and Aadhaar will be required to register the MSME.
  • Once the msme gets registered, it can avail multiple financial benefits provided by government under various schemes.

About MSMEs

  • Any manufacturing enterprise and enterprise rendering services will be categorized in MSMEs as per following criterion:-
  • Micro : Investment in Plant and Machinery or Equipment:
  • Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore
  • Small: Investment in Plant and Machinery or Equipment:
  • Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore
  • Medium: Investment in Plant and Machinery or Equipment:
  • Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore

By kameshwar shukla

Reference: https://economictimes.indiatimes.com/small-biz/sme-sector/govt-simplifies-registration-process-for-msmes/articleshow/83551195.cms?from=mdr