In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two categories:
As per the first schedule to the industries (Development and Regulation) Act, 1951, the Manufacturing enterprises defined in terms of investment in Plant & Machinery, are those enterprises that are engaged in the manufacture or production of goods for any specific industry.
Defined in terms of investment in equipment, service enterprises are those enterprises which are engaged in providing or rendering services.
Investment in Plant and Machinery
Does not exceed twenty-five lakh rupees
More than twenty-five lakh rupees but does not exceed five crore rupees
More than five crore rupees but does not exceed ten crore rupees
Investment in Equipments
Does not exceed ten lakh rupees
More than ten lakh rupees but does not exceed two crore rupees
More than two crore rupees but does not exceed five crore rupees
IEC Stands for Importer Exporter code which is a 10 digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. It is a registration required for traders importing or exporting goods and services to or from India.
Import Export Code number is a proof of a firm as an Exporter/Importer in India. IE code can be submitted with government authorities as a proof of trade to obtain various benefits on their exports / imports from DGFT, customs etc.