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Under the MSME criteria notified with effect from 1st July, 2020 (cited in the lesson), an enterprise is classified as a "micro" enterprise only if it stays within both of two limits. What are those two limits?
Answer & Solution
Correct answer: A.
1. The lesson cites the MSME criteria notified with effect from 01-07-2020.
2. A micro enterprise stays within Rs. 1 crore plant and machinery and Rs. 5 crore turnover.
3. A small enterprise stays within Rs. 10 crore and Rs. 50 crore respectively.
4. A medium enterprise stays within Rs. 50 crore and Rs. 250 crore respectively.
_Source: ICSI CS Executive Paper 3 (Setting up of Business Entities and Closure) — Lesson 1: Choice of Business Organisation, pp. 2-11._
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