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PAN must for registration of cos with over Rs 20 L turnover

Press Trust of India  |  New Delhi 

Organisations with over Rs 20 lakh turnover will have to specify the PAN while filling the Udyog 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, will be implemented after two months of the Goods and Services coming into operation.

The 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 Memorandum. However, since it will be compulsory for firms with turnover above Rs 20 lakh to have a PAN number under the GST, we have taken this decision to align it with the proposed regime," Jalan told PTI.

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 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 15 2017. 21:42 IST