Changing the definition of MSME

The government is changing the criteria to define micro, small and medium enterprises (MSMEs), to make these in sync with the goods and services tax (GST) regime. The earlier classification was based on the investment in plant and machinery in the case of goods companies and in equipment in the case of service companies.

The new classification is based on annual turnover.

Enterprises	Old Definition (In Million Rs.)		New Definition (In million Rs.)
	Goods Companies	Services Firm
MICRO	2.5	1	50
SMALL	25-50	1-20	50-750
MEDIUM	50-100	20-50	750-2500

The change would be effective when the proposed amendments to the Micro, Small and Medium Enterprises Development Act, 2006, comes into effect.

Source: TH

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