Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar till 30th June, 2018.

PAN must for Ydyog Aadhar Registration for Organisations with over Rs 20 lakh turnover

Organisations 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, 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 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 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 shopfloor
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, 2030 specific activities can be listed after due deliberations.

The MSME ministry had earlier issued a onepage 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. (PTI Economic Times)

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