MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Items Excluded in GDP

Q. Consider t...

Question

Q. Consider the following statements with regards to the new definition of Micro Small and Medium Enterprises (MSMEs):
Which of the statements given above is/are correct?

A

1 only

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

2 only

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

2 and 3 only

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

1, 2 and 3

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A
1 only
Explanation:

Statement 1 is correct: If investment in Plant and Machinery is not more than $₹ 1$ crore and Annual Turnover not more than $₹ 5$ crores then it will be classified as Micro Enterprise.

Statement 2 is incorrect: If investment in Plant and Machinery is not more than $₹ 10$ crore and Annual Turnover not more than $₹ 50$ crores then it will be classified as Small Enterprise.

Statement 3 is incorrect: If investment in Plant and Machinery is not more than $₹ 50$ crore and Annual Turnover not more than $₹ 50$ crores then it will be classified as Small Enterprise.

Suggest Corrections

thumbs-up

0

Similar questions

Q. If the industry’s investment is more than 50 crores and its turnover is more than 250 Crores, it is considered as a _____________.

Q. According to Section 7 of Micro, Small and Medium Enterprises Development Act, 2006, in the case of industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 where investment in plant & machinery does more than Rs 5 crores but does not exceed Rs 10 crores are classified as ____________.

Q.  If the industry’s investment is more than 50 crores and its turnover is more than 250 Crores, it is considered as a _____________.

Q. The Government of India has defined micro, small and medium enterprises. Which of the following is correctly matched for an enterprise engaged in the manufacture or processing of goods as per the definition ?
(A) Micro enterprise: Investment in plant in plant and machinery does not exceed 25 lakhs.
(B) Small enterprise: Investment in plant and machinery is more than 25 lakhs but does not exceed 5 cr.
(C) Medium enterprise: Investment in plant and machinery is more than 5 cr but does not exceed 20 cr.

Q. Which of the following conditions are required to be fulfilled by private company in order to treat it as Small Company under Section 2(85) of the Companies Act, 2013?
(I) Paid up share capital does not exceed Rs 50 lakhs or such higher amount as may be prescribed which shall not be more than Rs 100 Crores.
(II) Its borrowing as per latest audited balance sheet does not exceed Rs 20 Crores or such higher amount as may be prescribed which shall not be more than Rs 50 Crores.
(III) Turnover as per its last profit & loss account does not exceed Rs 5 Crores or such higher amount as may be prescribed which shall not be more than Rs 100 Crores.
(IV) Paid up share capital does not exceed Rs 25 lakhs or such higher amount as may be prescribed which shall not be more than Rs 25 Crores.
Select the correct the answer from the options given below-

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Items Excluded in GDP

ECONOMICS

Watch in App

explore_more_icon

Explore more

Items Excluded in GDP

Standard XII Economics

Join BYJU'S Learning Program

CrossIcon