Yes, An MSME business enterprise shall update its information online in the Udyam Registration portal, including the details of the ITR and the GST Return for the previous financial year and such other additional information as may be required, on a self-declaration basis. Failure to update the relevant information within the period specified in the online Udyam Registration portal will render the enterprise liable for suspension of its status. Based on the information furnished or gathered from Government’s sources including ITR or GST return, the classification of the enterprise will be updated.