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Msmes Micro, Small and Medium Enterprise 1551 MSMEs Micro, Small and Medium Enterprise : A Crucial Sector for Economy Micro, Small and Medium Enterprise (MSME) Sector is a very CA. Mukesh Mohan Gupta important sector of The author is a member of the Institute. any economy including He can be reached at [email protected] that of Indian economy. As per Annual Report of Ministry of MSME 2017-18 there is a vast network of about 63.38 million Micro, Small and Medium Enterprises in India. The sector contributes about 45% to manufacturing output, more than 40% of exports, over 28% of the GDP while creating employment for about 111 million people. MSMEs were first defined under Both Manufacturing and Service Sectors are covered under Micro, Small and MSMED Act. They are defined under Section 7 of the MSMED Act based on the investment in the Plant and Machinery and Equipment Medium Enterprises respectively. The Micro Small and Medium Enterprises have been Development Act, 2006 defined as under: (MSMED Act) which was Description Manufacturing Sector Service Sector enacted on October 02, Classification Investment in Plant Investment in 2006. Before enactment & Machinery Equipment of MSMED Act Small Micro Enterprises Upto ` 25 Lakh Upto ` 10 Lakhs Scale Industries were ` ` covered under Industrial Small Enterprises Above 25 Lakh & Above 10 Lakhs upto ` 5 Crore & upto ` 2 Crores Development and ` ` Regulation Act, 1951. Medium Above 5 Crore & Above 2 Crores Enterprises upto ` 10 Crore & upto ` 5 Crores Read on to know more… www.icai.org THE CHARTERED ACCOUNTANT JUNE 2020 19 1552 MSMEs To support Self-Reliant The same is evident from the To support Self-Reliant India statistics that wherein as per and Make in India, global India and Make in India, recent U K Sinha Committee tenders will not be allowed global tenders will not there is vast network of about upto ` 200 crores under be allowed upto ` 200 63.38 million enterprises, government procurement, only about 96 lacs enterprises crores under government All receivables of MSMEs have obtained Udyog Aadhaar from government and procurement. registrations so far. CPSEs shall be released Six major schemes announced within 45 days. According It is important to understand by the Ministry of Finance, to an estimate these are and note that Traders are Government of India for in the range of 5.50 lakh not covered under MSMED MSMEs under Special economic crore which will support the Act. There were two demand and comprehensive package of liquidity of MSMEs in a big from different corners of the ` 20 lakh crores are as under: way. stakeholders that the threshold Guaranteed Emergency limit of the investment should Credit Line wherein all There are number of benefits be increased as the same was MSMEs with outstanding and schemes available to fixed as old as in 2006 and the credit of upto ` 25 crore in the MSMEs under various definition criteria should be the category of less than ministries and Reserve Bank of changed to turnover based in or equal to 60 days past India. Most of these schemes place of investment in plant and due as on 29.02.2020 and and benefits are for Micro and machinery/ equipment. annual turnover of up to Small enterprises only and ` 100 crore are eligible to are not available to Medium Recently our Hon’ble Finance get upto 20% of their entire Enterprises. To take the Minister Smt Nirmala Sitharam fund based outstanding as on benefit of any of the scheme, has announced the change 29.02.2020, Udyog Aadhaar registration is in the definition of MSMEs mandatory. satisfying the demand of all Upto ` 20,000 crore stakeholders. According to the subordinate debt to Some important benefits of new definition the MSMEs functional stressed or NPA Udyog Aadhaar registration will be classified based on the MSMEs, which will be under MSMED Act are as combination of investment infused as equity of the under: in plant & machinery and the promoters in the business MSEs are eligible to get turnover of the enterprise. making them eligible even upto ` 200 lakh loan without Another proposed change is for more debt under debt any collateral security under that now there will be common equity norm, Credit Guarantee Trust Fund criteria for both manufacturing Corpus of ` 10,000 crore Scheme for Micro and Small and service sector. The new fund of funds to growth Enterprises. definition, though not yet potential and viable MSMEs Micro Small and Medium notified till writing of this marching towards listing Enterprise Development Act, article, is proposed as under: on main board of stock 2006 provides protection to exchange enabling them Till now the registration of MSEs against the Delayed ` 50,000 crore equity MSME which is called Udyog Payments to them. A buyer infusion, Aadhaar is based on the self- from any MSE is required deceleration, which may now be Change in the definition of to make the payment on linked to the GST. The MSME MSMEs, encouraging them or before the agreed date registration is not a mandatory to grow faster without any of payment or within 45 registration to start and run any fear of losing the benefits days from the day they had business under these categories. available to MSMEs, accepted the goods and/or 20 THE CHARTERED ACCOUNTANT JUNE 2020 www.icai.org 1553 MSMEs services from MSEs. If the domestic and foreign patents. If the buyer delays the buyer delays the payment for more than 45 days after TReDS platform has been payment for more than accepting the products or created for facilitating the 45 days after accepting services, then the buyer has financing / discounting of trade receivables of MSMEs. the products or services, to pay monthly compound then the buyer has to interest at the rate of three These receivables can be times the bank rate notified due from large corporate, pay monthly compound by the Reserve Bank of Government Departments interest at the rate of India. Ministry of Corporate and PSUs. three times the bank rate Affairs has also introduced One-time restructuring notified by the Reserve form MSME-1 to support has been allowed by RBI this. for MSME accounts having Bank of India ` The Public Procurement exposure upto 25 crore Subsidy of 80% to Micro, Policy mandated every who were in default but 60% to small and 50% to central ministry/department/ ‘standard asset’ as on medium enterprises of the PSU to procure minimum January 1, 2020, without certification fees is 25% of the total annual degrading their asset provided. purchases / services from classification. Financial assistance to MSEs, with sub targets from Capital subsidy of 15% up to SC/ST and Women MSEs. ` MSMEs is provided under a maximum cap of 15 lakh International Cooperation Free tender documents and i.e., maximum investment exemption from earnest Scheme of Ministry of in approved machinery upto MSME to reimburse money to registered MSEs is ` 1.00 crore to MSE units also allowed. air-fare, stall charges under Credit Linked Capital etc for participation in MSEs quoting price within Subsidy Scheme. international exhibitions, price band L1 + 15%, when A maximum amount trade fairs and buyer-seller L1 is from someone other of ` 20 crore assistance meets in foreign countries. than MSE, shall be allowed for various components to supply at L1 subject to There are many subsidy schemes such as Common Facility lowering of price by MSEs for MSMEs under different Centers, Infrastructure to L1. Ministries like Ministry of Development, Flatted Food Processing Industries, Financial assistance is Factory Complex, National Horticulture Board provided for Trademark, Marketing Hubs / and Ministry of Textiles. geographical indication, Exhibition Centers Different relaxations have been under Micro and Small given to the MSMEs and small Enterprises - Cluster businesses under Insolvency Most of these schemes Development Program. and Bankruptcy Code, 2016, and benefits are for Micro Through ZED assessment GST, and Ministry of Corporate and Small enterprises under zero defect zero Affairs considering their role in the growth of the country. only and are not available effect, MSMEs can reduce wastages All manufacturers and to Medium Enterprises. substantially, increase service providers including To take the benefit of any productivity, expand professionals should consider of the scheme, Udyog their market, become getting themselves registered vendors to CPSUs, have under Udyog Aadhaar free of Aadhaar registration is more IPRs, develop new cost. For registering please visit: mandatory. products and processes etc. at https://udyogaadhaar.gov.in. www.icai.org THE CHARTERED ACCOUNTANT JUNE 2020 21.
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