COVID19 has undoubtedly caused the globe to come to an unprecedented halt by not only claiming millions of lives even so posing a bigger challenge for the economy as a whole to make the ends meet. It even seems that the age old adage ‘survival of the fittest’ has come to life at these trying times.
On 13th May 2020 Hon. Finance Minister Nirmala Sitharaman introduced a series of measures towards uplifting the economy. in a way to mirror what the prime minister coined as “Atmanirbhar Bharat” – a way to empower the country with infusion of liquidity and creation of a self sufficient & self reliant India.
This could not have been possible without the inclusion of the MSME sector in the set of reforms introduced as, MSMEs in total contribute to 45% of India’s Industrial Employment 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products. Businesses registered as MSMEs are entitled to numerous facilities and benefits, thus it becomes pertinent to examine which businesses fall under the definition of MSMEs and what all compliances need to be made to register as the one to reap the benefits presented by the government.
Read on me: https://taxguru.in/corporate-law/register-msme-india.html
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