Definition of Micro Small and Medium Enterprises – Retail & Wholesale Trade added
The Ministry of Micro , Small and Medium Enterprises (MSMEs) has decided to include Retail and wholesale trades as MSMEs and they are allowed to be registered on Udyam Registration Portal.
However, benefits to Retail and Wholesale trade MSMEs are to be restricted to Priority Sector Lending only.
Accordingly, the list of eligible additional activities under NIC Code 45, 46 and 47 are as under:
| NIC Code | Activities |
| 45 | Wholesale and retail trade and repair of motor vehicles and motorcycles |
| 46 | Wholesale trade except of motor vehicles and motorcycles |
| 47 | Retail trade except of motor vehicles and motorcycles |
The Udyam Registration is allowed for above three NIC Codes and activities mentioned against them.
The Enterprises having Udyog Aadhaar Memorandum (UAM) under above three NIC Codes are now allowed to migrate to Udyam Registration Portal or they can file Udyam Registration afresh.
Download Ministry’s order Click Here >>
- Mere carry forward of loss can not be denied for belated return – ITAT
- Sales duly recorded in books & VAT returns, can’t be held bogus without cogent adverse material
- ITAT allows Diwali expenses incurred by assessee as business expenses
- Section 292BB does not bar assessee to raise objection for non issuance of notice u/s 143(2) – SC
- Supreme Court explains expression “reason to believe” & “change of opinion” in Income Tax Act 1961
