https://www.taxtmi.com/forum/issue?id=113869 The amendment replaces the investment-based classification of micro, small and medium enterprises with an annual turnover-based classification under Section 7 of the MSMED Act, and empowers the Central Government to vary turnover limits by notification; the change aims to make classification objective, verifiable using tax data, reduce transaction costs and inspections, and promote ease of doing business, while noting some administrative implementation gaps at the state level. en-us Thu, 14 Jun 2018 19:19:56 +0530 Thu, 23 Jan 2025 15:55:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113869 The amendment replaces the investment-based classification of micro, small and medium enterprises with an annual turnover-based classification under Section 7 of the MSMED Act, and empowers the Central Government to vary turnover limits by notification; the change aims to make classification objective, verifiable using tax data, reduce transaction costs and inspections, and promote ease of doing business, while noting some administrative implementation gaps at the state level. Discussion-Forum Indian Laws Thu, 14 Jun 2018 19:19:56 +0530 https://www.taxtmi.com/forum/issue?id=113869