Existing MSMEs given relaxation for registration till 30.06.2022 for classification as MSMEs

Existing Entrepreneurs Memorandum / Udyog Aadhaar Memorandum (UAM) of MSMEs obtained till June 30, 2020 shall remain valid till June 30, 2022 for classification as MSMEs.

In June 2020, the Government of India had notified  revised criteria for classification of Micro, Small and Medium Enterprises (MSMES). As per new guidelines, MSMEs were required to file Udyam Registration with effect from 1st day of July, 2020. 

The timeline for registration of the enterprises registered prior to 30th June, 2020 was extended in May 2022 to 30th June 2022.

RBI has clarified that the existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAM) of the MSMEs obtained till June 30, 2020 shall remain valid till June 30, 2022 for classification as MSMEs.

Further, the validity of documents obtained for classification of MSMEs upto June 30, 2020, has been extended upto June 30, 2022.

• AO is under an obligation to assign reasons for rejecting explanation of the assessee
• CBIC issues SoP for clearance of imported goods through Foreign Post Offices
• Sale deed executed with full knowledge of only part consideration paid, not void – SC
• No fault in serving notice to last known address when PAN data was not updated – ITAT
• Investment by firm through capital introduced by partners cannot be treated as unexplained