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MSME registration mandatory for hospital tax audit file.

Question BankCategory: OthersMSME registration mandatory for hospital tax audit file.
kollipara sundaraiah asked 1 year ago

Assessee maintained a private hospital sec 44 ab tax audit file Gross receipts rs:2 crores above yearly.
Doubt:
Assessee MSME registration mandatory for hospital.

1 Answers
Manish answered 1 year ago

MSME Registration is not mandatory in India but it is optional and advisable to do so because it offers several advantages in terms of taxation, early payment by debtors, business setup, access to credit, loans, etc.The MSME act was founded in order to support, assist, and increase the competitiveness of micro, small, and medium-sized businesses. All the businesses are not eligible to get MSME registration but to get registered , you have to meet eligiblity creteria as given below:-

  • The investment doesn’t exceed 1 crore, and the annual turnover doesn’t exceed 5 crores in the case of Micro Enterprises.
  • The investment doesn’t exceed 10 crores, and the annual turnover doesn’t exceed 50 crores in the case of Small Enterprises.
  • The investment doesn’t exceed 20 crores, and the annual turnover doesn’t exceed 100 crores in the case of Medium Enterprises.

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