Boosting Growth through Financial Incentives
The Bureau of Indian Standards (BIS), under the Department of Consumer Affairs, has issued a pivotal notification aimed at providing significant financial relief to micro, small, and start-up enterprises. This move, effective immediately, introduces substantial concessions designed to foster growth and innovation within these sectors.
Key Amendments to BIS Conformity Assessment Regulations
As per the latest amendments to the notification No. CMD-2/G-18 dated 24th May 2023, several critical changes have been made to support enterprises of varying scales:
1. Concessions for Micro, Small, and Medium Enterprises
Micro, Small, and Medium Enterprises (MSMEs) will receive a 20% concession in fees.
2. Enhanced Concessions for Micro Scale Enterprises
From the date of this notification until May 31, 2026, micro scale enterprises will enjoy an 80% concession in fees compared to large scale enterprises.
3. Enhanced Concessions for Small Scale Enterprises
Small scale enterprises will benefit from a 50% fee concession from now until May 31, 2026.
4. Enhanced Concessions for Start-Up Enterprises
Start-up enterprises will also receive an 80% fee concession through May 31, 2026, aligning them with the benefits provided to micro scale enterprises.
5. Additional Concessions for Women Entrepreneur Enterprises
Women-led enterprises will gain an additional 10% concession on fees applicable to their scale of operation (micro, small, or medium) until May 31, 2026.
