MSME REGISTRATION
Add a little bit of body textUnion Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country. The new definition and criterion will come into effect from 1st July, 2020.
After 14 years since the MSME Development Act came into existence in 2006, a revision in MSME definition was announced in the Atmnirbhar Bharat package on 13th May, 2020. As per this announcement, the definition of Micro manufacturing and services units was increased to Rs. 1 Crore of investment and Rs. 5 Crore of turnover. The limit of small unit was increased to Rs. 10 Crore of investment and Rs 50 Crore of turnover. Similarly, the limit of medium unit was increased to Rs. 20 Crore of investment and Rs. 100 Crore of turnover.
STARTING FROM RS. 1799/-
DEFINITION OF MSME
MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. MSME Enterprises are typically more labour intensive than large corporates and provide tremendous employment potential at a very low capital cost. MSME also share a major portion of industrial production and exports in India. It also plays a pivotal role in the development of the industrial economy.
Therefore, to promote and develop MSMEs; the MSMED Act of India facilitates the promotion and development of enterprises through many incentives, schemes and subsidies. To obtain the benefits under the MSMED Act, MSME Registration is a must and proprietorship firms, partnership firms, LLPs, Private Limited Company’s and Public Limited Companies can register
BENEFITS OF MSME REGISTRATION
The MSME registration is not statutory. However, the MSME registration process in India has been conceptualised to provide maximum benefits to all types of enterprises. After registration, any enterprise becomes qualified to reap the benefits offered under the MSMED Act. Some of the benefits from Central Government include easy sanction of bank loans (Priority sector lending), lower rates of interest, excise exemption scheme, the exemption under Direct Tax Laws and statutory support such as reservation and the Interest on Delayed Payments Act.
State Government and Union Territories also have complied their own package of facilities and incentives for MSMEs. Some of the benefits provided by the State Government for MSMEs include the development of specialized industrial estates, tax subsidies, power tariff subsidies, capital investment subsidies and other support. Both the Centre and the State, whether under law or otherwise, target their incentives and support packages generally to units registered with them.
Banking Laws, Excise Law and the Direct Taxes Law have incorporated the word MSME in their exemption notifications. Therefore, the registration certificate issued by the registering authority is seen as proof of being MSME and is required to avail the benefits sanctioned for MSMEs.
DOCUMENTS REQUIRED FOR MSME REGISTRATION
IN CASE OF PARTNERSHIP FIRM/ LLP
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1. PAN CARD OF LLP
2. AADHAAR CARD OF ANY ONE PARTNER
3. BUSINESS ADDRESS PROOF
4. BANK STATEMENT
5. GSTIN (IF HAVE)
6. CERTIFICATE OF LLP INCORPORATION
7. DETAILS OF MAJOR BUSINESS ACTIVITIES
IN CASE OF COMPANY
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1. PAN CARD OF COMPANY
2. AADHAAR CARD OF ANY ONE DIRECTOR
3. BUSINESS ADDRESS PROOF
4. BANK STATEMENT
5. GSTIN (IF HAVE)
6. CERTIFICATE OF COMPANY INCORPORATION
7. DETAILS OF MAJOR BUSINESS ACTIVITIES
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HOW TO REGISTER MSME
Process of MSME Registration
DOCUMENTS VERIFICATION
One of the person from our team will collect all the imformation and documents for MSME Registration. After reciveing documents our expert will verify the same and they will update you time to time for the same.
APPLICATION FOR MSME
Once the verification is complete our team will apply for MSME Registration.
CERTIFICATION
After filing of application it will take up to 1-2 hours for approval. Once Certificate of MSME Registration is recived team will update the same.
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