Government of India issued a comprehensive notification defining, classifying and registering, Micro, small and medium enterprises superseding four previous notifications including that of 1st June 2020. In this post, we will discuss the notification.
Since long, we all are waiting for this change. Very few things accelerated due to the present crisis of COVID-19. A long-forgotten debate lost somewhere in history with Notification S.O. 1702(E) dated 1st June 2020 amending definition of Micro, Small and Medium Enterprises. This is not a change in the Act but a notification to give the effect a related provision. Let us discuss.
Ministry of Corporate Affairs and Ministry of Micro, Small and Medium Enterprises came together to protect interests of micro, small and medium enterprises. We will discuss in this post two recent notifications issued by these ministries.
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