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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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The Micro, Small, and Medium Enterprises (MSMEs) in India are considered the backbone of the economy as they contribute significantly to employment generation and GDP growth. The Government of India has introduced several schemes and incentives to support the growth and development of MSMEs.

In addition to the returns to be filed under other respective acts (as stated in other sections), MSME is required to file the following return :

Annual Return:

MSMEs that are registered under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, are required to file an annual return with the concerned authorities. The annual return filing involves the submission of information related to the performance of the business during the financial year, such as turnover, investment in plant and machinery, and other relevant details.

In conclusion, MSMEs need to comply with various legal and regulatory requirements to operate smoothly and avoid penalties. Timely and accurate filing of returns is an essential aspect of compliance, and business owners must ensure that they meet the deadlines and provide accurate information. Additionally, MSMEs can seek the assistance of professionals or use technology-enabled solutions to simplify the return filing process and avoid errors.

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