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Introduction
The MSME sector in India is developing at a rapid pace. This industry helps in promoting employment opportunities in rural and backward areas.
The MSMED Act, 2006 (Micro, Small and Medium Enterprises Development Act) came into existence to address different issues pertaining to policy development and improvement of this sector. There is a particular ministry authorising all the activities of MSME. This ministry is known as the Ministry of Micro, Small and Medium Enterprises (M/o MSME)
Meaning
Under the MSME registration process, there are different forms of small-scale industries. Under MSME registration process, there is Micro, Small and Medium Enterprises. All small-scale industries present under this are considered as MSME.
There are different eligibility criteria for qualifying for as Micro, Small and a Medium enterprise. The turnover would determine the type of registration required for a particular entity under the MSME registration process.
On 1st June 2020, the Finance ministry revised the criteria for turnover to be eligible under MSME
registration.
On 2nd July, 2021, Retail and wholesale trade enterprises were brought under the MSME Act
Conditions
Micro-Enterprise
Any enterprise or entity would be classified as a Micro-enterprise, if the investment in plant and machinery is not more than Rs. 1 Crore AND the turnover is not more than Rs. 5 Crore.
Medium Enterprise
Any enterprise or entity would be classified as a medium enterprise, if the investment in plant and machinery is not more than Rs. 50 Crore AND the turnover is not more than Rs. 250 Crore.
Small Enterprise
Any enterprise or entity would be classified as a small enterprise, if the investment in plant and machinery is not more than Rs. 10 Crore AND the turnover is not more than Rs. 50 Crore.
Benefits of msme registration
01
Bank Loans
MSMEs can easily secure loans. This would become seamless, once an MSME is registered with the relevant authorities.
02
Tax Exemptions
MSMEs can claim different form of tax exemptions and rebates which are provided by the government.
03
Minimum Alternative Tax (MAT)
Registered MSMEs have the benefits to carry forward minimum alternative tax for 15 years. Usually, this benefit is only for 10 years.
04
Secure Tenders
Registered MSMEs would have access to government contracts and tenders. It is easier to secure a tender for a registered MSME, as they would have authenticity. Apart from this, registered MSMEs would be notified by the relevant authority regarding a tender.
05
Ease of Credit
It is easier to secure a different form of credit facilities from financial entities. Hence MSME which are registered have this benefit. Hence MSME registration is required for securing faster credit.
06
Higher benefits from Government
Registered MSMEs have more benefits when it comes to government facilities. Not only the government but even the general public would have more confidence and faith in a registered MSME when compared to an unregistered MSME.
07
Opportunities for Growth
MSME registration provides more opportunities in terms of diversification. An individual, who considers MSME registration, would get more recognition. Apart from this, registered MSMEs would be recognised when it comes to international commercial conventions and export-oriented fairs.
08
Collateral Loans
Registered MSMEs would also secure the benefits of collateral free loans. Usually, loans provided to MSMEs would be of a minimum value of less than Rs 10 lakhs. Banks would not require any form of collateral for any loan value below the above amount.
09
ISO Certified
Through MSME registration, an individual can secure the benefits of ISO certification process. Apart from this, all MSMEs which are registered as per the requirement would get any form of reimbursement for ISO certification.
10
Trademark Fees Discount
One can get a discount of 50% on compulsory government fees of Trademark, if they are registered under MSME
Documents
Process Involved
The Udyam Registration portal is a government-sponsored website that is integrated with the IRS and GSTIN systems. For businesses that are exempt from the GST law, obtaining a GST registration is not a requirement. However, to receive Udyam Registration, businesses that are subject to the GST regime must first obtain GST registration.
01
The MSME registration can be secured by applying on the Udyam portal and the portal shall charge no fees for rendering such a registration.
02
After submitting the application, a confirmation message with the application's reference number will show on the computer screen.
03
After completing the verification procedures, the MSME ministry will send the MSME certificate or Udyam Registration certificate to the applicant's email address. After a few days from the date of application submission, the MSME will give the MSME registration.
04
The MSME certificate remains valid for a lifetime and seeks no renewal.
The entrepreneurs can download the MSME certificate from the respective account created on the Udhyam Registration portal.
Why Companies Trust Finaccle
Finaccle provides one-stop integrated Financial-Accounting-Legal solutions to its clients.
You get all Financial, taxation, Accounting and legal solution under one roof.
We provide End-to-End Support for the registration process.
We ensure seamless paperwork
Quality is what we pursue.
We are always Accessible, Approachable and Accountable.
You can connect with us through mail, what's app, call or personal visit.
We shall provide you the result that will move you.
Got a question?
We've got answers.
Are trading companies allowed to carry out MSME?
Yes, after recent amendment government has allowed retail and wholesale traders to take MSME Registration
Can existing entities apply for this form of registration?
If I have different branches of MSMEs do I need multiple registrations?
Is MSME registration the same as Udyam Registration?
Is there any form of expiry period for this certificate?