New Delhi, Oct 26 (KNN) The Parliamentary Standing Committee on Industry has sought comments from stakeholders on the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018.

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018 has been referred to the Department-related Parliamentary Standing Committee on Industry headed by Ram Chandra Prasad Singh, MP, Rajya Sabha, on 01st October, 2018 for examination and report thereon within a period of three months.

The Bill seeks to provide for change in the criterion of classification of Micro, Small and Medium Enterprises from the existing criterion of investment in plant and machinery or equipment to a new criterion based on annual turnover of the enterprises.

This aims to promote the ease of doing business and put in place, a non-discretionary, transparent and objective classification in alignment with the need of current times and changing business ecosystems.

“Taking into consideration the important aspects of the Bill referred to, it has been decided, in the first instance to invite the views/ suggestions/comments from various Stakeholders associated with the subject matter of the Bill,” the Committee said in a communication to stakeholders.

The written views/comments/suggestions are to be sent latest by 02nd November, 2018.

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018 was introduced in the Lok Sabha by Minister of State for MSMEs Giriraj Singh, after he withdrew the 2015 Bill on the issue.

As per the amendments, any business with a turnover of up to Rs 5 crore would be considered as a 'micro enterprise'.

A 'small enterprise' would be the one whose annual turnover is more than Rs 5 crore to Rs 75 crore.

Those businesses with turnover over Rs 75 crore but upto Rs 250 crore would be deemed as a 'medium enterprise'.

The 2006 MSME Act was enacted to facilitate the promotion and development and enhancing competitiveness of MSMEs. (KNN Bureau)