Important News for Micro Small Medium enterprises in India

Big Amendment to MSMED Act on February 7th, 2018

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved change in the basis of classifying Micro, Small and Medium enterprises from ‘investment in plant & machinery/equipment’ to ‘annual turnover’.

This will encourage ease of doing business, make the norms of classification growth oriented and align them to the new tax regime revolving around GST (Goods & Services Tax).

Section 7 of theMicro, Small and Medium Enterprises Development (MSMED)  Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as follows:

  • A micro enterprise will be defined as a unit where the annual turnover does not exceed five crore rupees;
  • A small enterprise will be defined as a unit where the annual turnover is more than five crore rupees but does not exceed Rs 75 crore;
  • A medium enterprise will be defined as a unit where the annual turnover is more than seventy five crore rupees but does not exceed Rs 250 crore.
  • Additionally, the Central Government may, by notification, vary turnover limits, which shall not exceed thrice the limits specified in Section 7 of the MSMED Act.

At present the MSMED Act (Section 7) classifies the Micro, Small and Medium Enterprises (MSMEs) on the basis of investment in plant and machinery for manufacturing units, and investment in equipment for service enterprises. The criterion of investment in plant and machinery stipulates self declaration which in turn entails verification if deemed necessary and leads to transaction costs.

Taking turnover as a criterion can be pegged with reliable figures available e.g. in GST Network and other methods of ascertaining which will help in having a non discretionary, transparent and objective criteria and will eliminate the need for inspections, make the classification system progressive and evolutionary, help in overcoming the uncertainties associated with the classification based on investment in plant & machinery/equipment and employment, and improve the ease of doing business. In addition the amendment will provide flexibility to the Government to fine-tune the classification of MSMEs in response to changing economic scenario without resorting to the amendment of MSMED (Micro, Small & Medium Enterprises Development) Act.

The change in the norms of classification will enhance the ease of doing business. The consequent  growth and will pave the way for increased direct and indirect employment in the MSME sector of the country.

Better way to build a Business Network: Networking 101

7-01

” It wasn’t as lucrative as I thought it would be.” When was the last time you heard yourself think like this as a freelancer? Most probably at a networking event. There is a very intricate association between networking and freelancing. As a freelancer you are always interested in widening the horizons of your networks and attending networking events seems like a simple linear solution to this concern. However, networking events come with a limited scope with many conditions applied. First of all you need to be an extrovert and vouching for chances needs to be your forte. Your face value or personality might overpower or superimpose the character of your talent. Networking events are a lot like elevators pitch. If you have communicated effectively or presented yourself impressively within that short span of time, then you may expect some returns or else it’s a miss .

Beyond Networking Events

You can construct a robust network of relevant contacts without swinging between different networking events like a pendulum. You can strategize on the most rewarding networking experience right from the comfort of your favourite couch in your home. You can effortlessly and seamlessly unlock a whole new world of real network, real connections, relevant conversations, community feel, mutual growth and bring alive phenomenal potential right on your phone screen with ‘LetzGain‘.

Network better with LetzGain– A phenomenal app based platform to enable networks, empower freelancers and SMEs with robust business leads and contacts, enable them with a seamless networking experience and enhance the multitudes talent out there by matching with opportunities that can do justice to creativity and expertise.

30,000+ Leads worth 30,000+ Crore Rs have been exchanged on LetzGain within few months among growing 70,000+ users and this is just the nascent state of an incredibly flourishing innovative way to network and shrink the world of opportunities.

A DNA of Networking & Word-of-mouth

The DNA of LetzGain is made up of networking and word-of-mouth publicity. Networking events are passé. There is no need to chase contacts when the right contacts can flourish right in front of you. This immensely empowering simple app can catapult you into a world buzzing with:

  1. Valuable contacts
  2. Relevant conversations
  3. Systematic follow ups
  4. Real time discussions
  5. Constructive feedback
  6. Mutual benefits
  7. Surprisingly hassle free experience.

Real time notifications in the app never let u miss a single business lead and you can entrap maximum potential with this tool. There is utmost privacy and there will be no spams camouflaged as opportunities. A simple, transparent, powerful and rewarding platform – that’s LetzGain for you.

Business Networking can’t get simpler than this.

Download the app here.

Burst it with LetzGain. Signs that you are in a Networking Bubble !!

Real

What’s the difference between a great idea and a great success story? Networking!

The art of connecting with the right people, strategizing available contacts and building the foundation of new ones forms the crux of networking. The irony today is that everybody is networking yet great ideas are not transforming into success stories as seamlessly as they should.

You might not believe us, but the fact is that there is a huge networking bubble that you might be zorbing inside, unaware the the real Adrenalin rush of networking, the real potential of phenomenal networking lies outside this bubble.

Signs that you are Networking wrong:

  1. Connecting With the Wrong People

It is very important to establish that mere addition of volumes in your contact list is not called networking. If you are a freelancer or working as an SME and you are considering networking with an HR manager of an MNC, this contact might not help you network as much as the contact of an independent entrepreneur or a start  up aspirant can. Remember that in networking, the potential of the other person is not as important as the relevance of the other person in your contacts.

  1. Forcing  a Connection

There is a difference between Networking and forcing a contact. Period! Networking does not include being unprofessional and desperate to connect with someone who might help your prospects. Polite reminders or professionally drafted follow up emails should not be replaced with desperate and repeated phone calls or intruding into someone’s personal space.

  1. 3. Making it all about you

Networking is not a one way route. Never was. If you are thinking that networking is about manipulating your contacts into helping you gain, then stop right there. Networking I about nurturing potential together and empowering each others potential.

  1. Telling your story to everybody

Just like how each and every contact might not be relevant for you, in the same way, your introduction might not matter to everyone alike. If you are a freelancing food blogger, telling your story to a world renowned doctor might still be equivalent to braking up the wrong tree. Desperately throwing around your introduction trying to impress everyone around, is not even the N of Networking.

Burst the Networking bubble with LetzGain

The DNA of LetzGain is made up of networking.

Network better with LetzGain– A phenomenal app based platform to enable business networks, empower freelancers and SMEs with robust business leads and contacts and enhance the multitudes talent out there by matching with opportunities that can do justice.

30,000+ Leads worth Thousands of Crore Rs have been exchanged on LetzGain within few months among growing 70,000+ users. If the statistics is not astonishing enough, here is how LetzGain spells the real networking.

  1. Connecting with the right people

A platform that has relevant connections for everyone, LetzGain can help reduce the time wasted on contact or networks with no promise. This dynamic platform is buzzing with the right connection.

  1. Building a connection

LetzGain is not about forced connections. It is about building and nurturing connections with mutual interest. Real networking is never forced, it is constructed with positive interactions and enhancing communication, both of which LetzGain enables.

  1. Making it all about mutual association

With LetzGain, you can refer contacts, refer yourself and get referred. This enabling platform is not just about a one time gain but a robust support of networks that promote potential.

  1. Telling your story to potential leads

With LetzGain, there is no scope of pursuing an opportunity with no potential. This application enables relevant communications. You can connect with people who would genuinely want to hear you out rather that begging for attention.

Read “Real Networking starts with LetzGain.