What is the MSME registration process?
- MSME registration for entrepreneurs who are not yet registered
- Registration for those who have already done MSME registration as EM-II or UAM (Udyog Aadhar Memorandum)
- It makes it easier for individuals to avail bank loans at interest rates that are comparatively lower than regular loans.
- Businesses that have obtained an MSME certificate become eligible for tax exemption under the MSME Act.
- Registered MSMEs are more preferred for various licenses and certificates issued by the government.
- By getting the MSME registration done, an enterprise gets easy access to loans and credit facilities.
- A registered MSME also gets compensation for the expenditure incurred for ISO certification.
- It also enables the allowed credit for MAT (Minimum Alternate Tax) to be carried forward for fifteen years (10 years otherwise).
- Post MSME registration, the total cost of product patent or setting up an industry goes down because of several concessions and rebates.
- It helps acquire government tenders easily. This is because of the integration of the Udyam registration portal with the government e-marketplace which provides easy access to e-tenders.
MSME, which stands for Micro, Small, and Medium Enterprises, serves as the supporting structure. Becoming a part of the MSME registration online in India requires MSME registration. It provides the necessary resilience to our economy against global adversities.
What are the documents required for MSME registration?
- Business address proof
- Purchase bill and sales bill copies
- Partnership deed/Memorandum of Association/Articles of Association
- Copies of bills and licenses of machinery bought for use
Currently, MSMEs in India have a contribution of 6.11% and 33.4% in the manufacturing GDP and manufacturing output respectively. They also employ 120 mn individuals in India, contributing around 45% of total exports from India. Irrespective of whether a company falls into the manufacturing or service sector, they need to get MSME registration done as defined in the MSME act.
The business entity MSME registration in India. Companies need to get the MSME registration done online using the portal udyam registration.gov.in.
MSME RegistrationAs alittle entity, you'll have access to priority tax exemptions, sector lending, and capital investment, and power tariff grants by registering under Udyog aadhar MSME SSI registration online.
What is MSME?As per MSMED or Micro, Small, and Medium Enterprises Development Act of 2006, MSME or Micro, Small, and Medium Enterprises are classified into two differing types and are as follows:Manufacturing Enterprises are involved in the manufacturing or production of goods in the industry.Service Enterprises are engaged in supplying or providing services.
The investment amount and annual turnover are made similar for industries or enterprises involved in both the service and manufacturing sectors.
1999 (all-inclusive) per certificate and can be paid by their secured gateways.MSME Registration ProcessMSME registration is to be done in the government portal of udyamregistration.gov.in.
The registration of MSMEs are often done under the subsequent two categories within the portalFor New Entrepreneurs who aren't Registered yet as MSME andFor those having registration as EM-II or UAM and For those having registration as EM-II or UAM through Assisted filingFor New Entrepreneurs who are not Registered yet as MSMENew entrepreneurs got to click the button “For New Entrepreneurs who aren't Registered yet as MSME” shown on the house page for registering MSME.
New registration of MSME is done by entering the Aadhaar card number in the following two ways-Registration With PAN Card orRegistration Without PAN Card Registration With PAN Card:When clicked on the “For New Entrepreneurs who aren't Registered yet as MSME” button on the homepage of the govt portal, it opens the page for registration and asks to enter the Aadhaar number and therefore the name of the entrepreneur.
These help the market ensure equitable distribution of wealth.
For this reason, the Government of India offers numerous subsidies, incentives and other facilities to MSMEs.
To avail of these benefits, a venture has to register itself into it.The initial process for MSME registration online is the same as mentioned above like clicking on the option “For New Entrepreneurs who are not Registered yet as MSME” and then when the next page of the government portal of registration of MSME is opened, the next step required is that the Aadhar Card number and name of the entrepreneur needs to be filled into the space provided.
When the entrepreneur fills his Aadhar Card number and his name, then the next step required is clicking the “Validate and Generate OTP” button.Once this button is clicked and OTP is received by the entrepreneur, he needs to enter the OTP.
There are two options below that box – “Yes” and “No”.
In a short while a message of thank you can be seen on the screen along with the registration number.Here it is to be noted that although an entrepreneur can register himself as MSME even if he does not have a PAN Card.
