MSME Registration in India
Micro, Small and Medium Enterprises (MSMEs) are the backbone of the Indian economy, contributing to the growth, employment, innovation, and social development of the country. MSMEs are defined as enterprises that have an investment in plant and machinery or equipment up to a certain limit and a turnover up to a certain limit, as per the revised criteria effective from July 1, 2020.
UDYAM REGISTRATION, a new version of MSME registration in India. This is a new simplified online process of MSME registration, which was launched by the Ministry of MSME on July 1, 2020. Udyam Registration is based on self-declaration and does not require any documents or proof to be uploaded. Only an Aadhaar number is required for Udyam Registration. PAN and GSTIN are also mandatory for Udyam Registration with effect from April 1, 2021. Udyam Registration is free of cost and can be done on the official website. The older version of the Udyog Aadhaar Memorandum (UAM) is valid only till March 31, 2021, and all the existing UAM holders have to migrate to Udyam Registration.
Importance of MSME Registration in India
MSME registration is important for the following reasons:
- MSME registration provides recognition and identity to the enterprises and helps them avail various benefits and schemes offered by the government and other agencies.
- MSME registration enables the enterprises to access credit facilities, subsidies, tax exemptions, incentives, and other financial support from banks, NBFCs, and other institutions.
- MSME registration facilitates the enterprises to participate in government tenders, procurements, and contracts and get preference and reservation in the allocation of orders.
- MSME registration helps the enterprises to enhance their competitiveness, productivity, quality, and innovation in the domestic and global markets.
- MSME registration also helps the enterprises to resolve their grievances and disputes and get protection from harassment and exploitation by the authorities.
Advantages of MSME Registration in India
Some of the major advantages of MSME registration in India are:
- Collateral-free loans up to ₹2 crore under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
- Subsidy on patent registration, barcode registration, ISO certification, and other quality standards.
- Exemption from payment of stamp duty and registration fees for the purchase of land or building.
- Lower interest rates, longer repayment periods, and moratorium on loans from banks and NBFCs.
- Rebate on income tax, GST, and other taxes and duties.
- Preference in the allocation of government tenders, procurements, and contracts.
- Reservation of 358 items for exclusive purchase from MSMEs by the government departments and public sector undertakings (PSUs).
- Subsidy on power tariff, water charges, and other utility bills.
- Reimbursement of exhibition expenses, trade fair participation, and foreign trade delegation.
- Grant for setting up technology and innovation centers, incubators, and clusters.
- Support for marketing, branding, and export promotion.
- Training, skill development, and capacity building programs.
- Protection from delayed payments, arbitration, and conciliation.
- Access to grievance redressal mechanisms, such as MSME Samadhaan, MSME Sambandh, and MSME Champions.
Requirements for MSME Registration in India
To register as an MSME in India, the following requirements have to be fulfilled:
- The enterprise should be engaged in the manufacturing or service sector, as per the definition of MSMEs.
- The enterprise should have an investment in plant and machinery or equipment and a turnover within the prescribed limits, as per the classification of MSMEs.
- The enterprise should have a valid Aadhaar number, PAN, and GSTIN, as per the Udyam Registration process.
- The enterprise should have a valid email address and mobile number for verification and communication purposes.
- The enterprise should have a bank account and an IFSC code for receiving the benefits and subsidies.
Why Choose Bass Biz for MSME Registration in India?
Bass Biz is a leading business consulting firm that provides end-to-end solutions for MSME registration in India. Bass Biz has a team of experienced and qualified professionals who can assist you with the following services:
- Bass Biz can help you determine the eligibility and suitability of your enterprise for MSME registration and guide you through the criteria and benefits of MSME registration.
- Bass Biz can help you prepare and submit the online application form for Udyam Registration or UAM and ensure that they are complete and accurate.
- Bass Biz can help you obtain the Udyam Registration Certificate or UAM Certificate, which will contain a unique Udyam Registration Number or UAM Number and a QR code for verification and validation purposes.
- Bass Biz can also help you with the post-registration services, such as migration, modification, cancellation, etc. of MSME registration and ensure that you comply with all the MSME norms and regulations.
Bass Biz has helped many clients in registering their enterprises as MSMEs in India, across various sectors and segments. Bass Biz has a proven track record of delivering quality and timely services at affordable and transparent prices. Bass Biz also offers customized and flexible solutions to suit your specific needs and preferences.
If you are looking for a reliable and professional partner for MSME registration in India, look no further than Bass Biz. Contact us today and get a free consultation and quote for your MSME registration.
Get Annual Compliance Package Now
About Our Company
Accounting , Internal Auditing Services in Chennai, Trichy, Madurai, Salem, Erode.
Popular Posts
Our Best Services
Leverage to improve your business’s objectives and proven processes to handle your business’s financial management needs efficiently. Extending Accurate Accounting and Taxation Solutions tailored to your requirements, while aligning our services with your company’s unique goals. Expertise in robust technology designed to provide accurate and timely financial reports that are critical to business decision-making.
