INR 20 lakh turnover companies to specify PAN

Q.  Organisations with turnover of how much will have to specify PAN while filing the Udyog Aadhaar Memo for registration?
- Published on 16 May 17

a. INR 20 lakhs
b. INR 50 lakhs
c. INR 75 lakhs
d. None of the above

ANSWER: INR 20 lakhs
 
INR 20 lakh turnover companies to specify PANOrganisations with over Rs 20 lakh turnover will have to specify the PAN while filling the Udyog Aadhaar Memorandum for registration.

These organisations include companies, limited liability partnerships, cooperative societies, societies and trusts.

The decision, taken at a meeting chaired by the MSME Secretary K K Jalan recently.

This will be implemented after two months of the Goods and Services Tax coming into operation.

The GST regime is likely to come into force on July 1.

Presently, it is not mandatory for these organisations to mention the PAN number in the Udyog Aadhaar Memorandum.

However, since it will be compulsory for firms with turnover above INR 20 lakh to have a PAN number under the GST, this decision has been taken.

Apart from the Permanent Account Number (PAN) and Aadhaar, micro, small and medium enterprises (MSMEs) will also have to attach a chartered accountant's certificate for participating in public tenders.

Udyog Aadhaar is for existing firms. The upcoming units do not need to apply for its registration.

The meeting of the Advisory Committee under the MSMED Act decided that there could be a ministry sponsored MSME specific M Tech course, which will focus mainly on practical shop-floor training, the business model that can be worked out among the MSME Associations present in the meeting, a suggestion mooted by the All India Council for Technical Education.

In the course curriculum, 20-30 specific activities can be listed after due deliberations.

The MSME ministry had earlier issued a one-page Udyog Aadhaar Memorandum, which must be filled online by all micro, small and medium enterprises (MSMEs), for simplifying the registration procedure for entrepreneurs and promoting ease of doing business.

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