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MSME Registration

Summary Documents Procedures Characteristics

Summary

We at VGC can help to get MSME Registration.

MSME, i.e. Micro, Small and Medium Enterprises, is considered as the backbone of the Indian Economy. The Ministry of Micro, Small and Medium Enterprises, broadly known as MSME, is the premier Government body that deals with the formulations and management of rules, guidelines, and laws pertaining to small scale industries in India. The MSME registration helps MSMEs to obtain various benefits provided by the government for their establishment and growth. MSME industries are the backbone of the economy. They are known as Small Scale Industries (SSIs). The MSME registration programme, which is targeted at both the organised and unorganised sectors, was developed by the government to assist enterprises in their growth.

The MSME Act allows for the establishment of both manufacturing and service firms, independent of the registered nature of the company. Although the government has not yet enforced that MSME registration online is mandatory, it is advantageous to have one's company registered under this structure. It gives various advantages regarding taxes, beginning a business, and so much more.

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Documents

Documents Required for MSME Registration

Aadhar card
PAN card

The registration is entirely online and no proof of documents is required. PAN & GST linked details on investment & turnover of enterprises will be taken automatically by the online Udhyam Registration Portal from the Government databases and this portal is completely integrated with Income Tax & GSTIN System.

MSME Criteria

Type of Enterprises	Investment in Plant and Machinery or Equipment	Turnover
MICRO	Less than Rs.1 Crore	Less than Rs.5 Crore
SMALL	Less than Rs.10 Crore	Less than Rs.50 Crore
MEDIUM	Less than Rs.20 Crore	Less than Rs.250 Crore

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Procedures

Procedure for MSME Registration

The MSME Registration can be attained by applying on the Udyam website and the portal shall charge no fees for rendering such a registration;
After that, a confirmation message will appear on your screen enclosing the reference number of the application;
The MSME, the Ministry shall grant the MSME Certificate or Udyam Registration Certificate to the applicant's email id. The MSME shall grant the MSME Registration after 2-3 days from the date of application submission;
The certificate remains valid for a lifetime and seeks no renewal;
The applicant can download the certificate from the account created on the website of the Udhyam Registration.

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Characteristics

BENEFITS AND CHARACTERISTICS OF MSME REGISTRATION

Various tax rebates offered to MSMEs as tax deductions.
MSMEs can avail loans at a lower interest rate.
Industries having registration under MSME are qualified to get reimbursement of ISO Certification.
All-new artificial units and expansions in India with MSME enrollment would be pure from paying Stamp Duty and Registration freights.
Industries having registration in MSME Act are given higher preference in comparison to normal industries.
Electricity bills concession.
Overdraft Interest Rate Exemption (*Differs from bank to bank).
Payment Protection benefit (within 45 days payment).

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