The Ministry of Micro, Small and Medium Enterprises has issued clarification regarding Financial Year of which the data of Investment, Turnover and Export shall be collected from the IT Department and GSTN for effecting Classification and registration of MSMEs in the Udyam portal.
For the Financial year 2018-19, the timeline for filling of IT Return was July, 2019 and time may be required for further processing. In the case of companies/ enterprises, the accounts gets audited and completed by October or November, 2019.Also, the process of GST Return for the Financial Year2018-19 follows similar timelines. Hence, frozen data of 2018-19 has been considered for MSME registration and classification during the year 2020-21. Data of 2019-20 will be considered for MSME registration and classification during the year 2021-22. Data of 2020-21 will be considered for MSME registration and classification during the year 2022-23.
