Which of the following statements is not correct

Solution

While classifying enterprises under MSME definitions, the turnover calculation follows specific rules: • Exports of goods and services are excluded from turnover, ensuring that enterprises focusing on exports are not penalized. • Turnover data is primarily sourced from linked income tax returns and GST portals, ensuring accuracy and transparency. • In the case of new enterprises, turnover may initially be based on self-declaration until 31st March 2021. • From April 1, 2021 onwards, it is mandatory for enterprises to have PAN and GSTIN for proper turnover assessment.