UDYAM/MSME Registration
WHAT IS UDYAM/MSME REGISTRATION?
Udyam Registration also known as MSME Registration is nothing but a government registration that is provided along with a recognition certificate and a unique number. This is to certify small/medium businesses or enterprises. … The owner, director, or proprietor of the entity will provide his/her 12-digit Aadhar Number.The new process for registration of micro, small and medium enterprises (MSMEs
On registration, an enterprise (referred to as “Udyam” in the Udyam Registration portal) will be assigned a permanent identity number to be known as “’Udyam Registration Number”. An e-certificate, namely, “Udyam Registration Certificate” shall be issued on completion of the registration process.
WHO CAN GET UDYAM/MSME REGISTRATION?
Let’s get some things clear! The organizations which are eligible for Udyam Registration are meant to be either in manufacturing or producing or processing or preservation of goods or in providing the services. In other words, Traders who buy, sell, import, or export the goods are not even eligible for applying for Udyam Registration.
But you should know that there are a set of criteria that an entity has to meet to be classified as a medium, small, or micro-enterprise for obtaining the MSME registration.
BENEFITS OF UDYAM/MSME REGISTRATION
1. Collateral Free Loans from Bank
Credit Guarantee Fund Scheme (CGS) for Micro and Small Enterprises was launched by the Government of India to make available collateral-free credit to the micro and small enterprise sectors.
2. Clearance of Pending Payments
At times, the buyers of services or products from the MSME’s or SSIs tend to delay the payment. The settlement of such disputes must be done in minimum time through conciliation and arbitration.
3. Overdraft Facility with Interest Exemption
Enterprises registered as MSME/SSI under the MSME Act are eligible to avail a benefit of 1% on the overdraft as part of the Credit Guarantee Trust Fund Scheme. Although this can vary from bank to bank.
4. 50% Discount on trademark
MSME Act are given a hefty subsidy of 50 per cent for patent registration. In addition to this, one of the great MSME registration benefits is to get subsidy for industrial promotion suggested by the Government.
5. Government Tenders
Registered MSME‘s can get Government tenders easily. And also avail the benefit of EMD Exemption.
6. Tax Exemptions
Registered MSME‘s get benefit of exemptions under direct tax laws
PROCEDURE TO GET UDYAM/MSME CERTIFICATE
DOCUMENTS REQUIRED FOR UDYAM/MSME REGISTRATION
- MSME registration process is fully online, paperless, and based on self-declaration.
- There is no requirement of documents or proof for registering an MSME.
- Only the Adhaar Number will be enough for registration.
- PAN & GST linked details on investment and turnover of enterprises will be taken automatically from Government databases.
- Having PAN & GST number is mandatory from 01.04.2021.
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