This Act makes amendments in the principal Act. Sub-sections (2) and (3) of Section 18 of the principal Act are repealed and new sub-section (2) is inserted as a replacement. New sub-section lays down indicators and criteria for MSME and defines as a micro, small or medium enterprise that meets two out of three of the criteria in the row of the related indicator listed below. This Act amends Section 20 regarding the fiscal incentives for MSMEs which are not registered prior to the Act but registered on or before 31 October 2024.