Entrepreneurial Culture in India has been grown rapidly over the past few years. Semi-urban and rural areas in India have been highly improved that especially increases the growth of SME and MSME sectors. Recently the Government also initiated the best schemes, subsidies along with many other offers for easily increasing participation of individuals. When your business is registered under this amazing scheme then you would be eligible for easily availing more number of Tax benefits. MSME scheme also lets the business to easily get better benefits from the local schemes as well as subsidies. Apart from which the Banks also provide Loans for the business even at the concessional rate. These would be a mainly suitable option for helping the business along with its growth.
Enterprise Classification:
More than 70% of the Indian GDP comes with the growth of the MSME and SME sector in India. Businesses from the agricultural areas, raw materials, retail, manufacturing, and many others are also involved in it. MSME Registration becomes one of the important aspects for the companies to easily gaining better benefits and subsidies from the government. Enterprise is also classified as the Micro, Small or Medium Enterprise based on several criteria
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- Micro Enterprise – Enterprise with the investment in Plants and Machinery comes under this category. The business that does not exceed 1 crore rupees and does not exceed 5 crore rupees turnover
- Small Enterprise – The Enterprise that does not exceed 10 crore rupees and does not exceed 50 crore rupees turnover comes under this category
- Medium Enterprise – Investment does not exceed 50 crore rupees and does not have 250 crore rupees turnover
Registration Of MSME:
MSME registration becomes one of the most important mandatory tasks for businesses to easily start as well as operate in the country. Registration of the MSME is completely free and it is mandatory. When your business comes under the Manufacturing Enterprises and Service Enterprises categories then it is quite important to make the registration. Company based on this category mainly requires the MSME for extensively getting the better benefits such as the Tax savings and many others. MSME is also called as the Micro Small and Medium Enterprises.
Based on the MSMED Act in India, all the business based on these category needs to be registered. The main aim for making this registration is that the governed can easily support the MSME with various schemes, subsidies, incentives, and many others. Banks provide loans at a lower rate of interest when you have the MSME registered for your business. It is one of the convenient options for improving the economic growth of the country.
Benefits Of MSME Registration:
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The MSME Registration offers you a wide number of benefits suitable for your business to easily improve accordingly. Some of the most common advantages are listed below with FinanceSmarti
- MSME Certificates helps to get Government Tenders
- Compensation of the ISO certificate expenditure
- You can get exemption under Direct Tax Laws
- 15% import subsidy under bank loan and fully automatic machinery
- Tariff subsidies and tax and capital subsidies benefits
- Easy to get licenses and approvals
- Helps to get low-interest rates
Steps For MSME Online Registration:
Based on the annual turnover of the business, it is important to apply for the MSME loan. Before making a registration, it is quite important for comparing the load deals that many number of financial institutions have been offering. Normally, the Applicant could easily apply for the MSME registration by just accessing the website 100% free of cost. MSMEs will be mainly classified based on the manufacturing enterprises as well as service enterprises. Follow the below steps for easily making the Registration Process.
- Visit the official website
- Fill in MSME registration form online
- Submit the Application form with documents
- Receive registration number
- Pay registration fee online
- Within 1-2 working days, the Authority will register the applicant’s business as MSME
- MSME registration certificate will be delivered via Email
Need For MSME Registration:
MSME registration in online is one of the simple and quick processes. It is quite hassled free option for the business to easily avail the unique registration. Under the Ministry of MSME, your business will be registered as the MSMEs. For the benefits of the business, the Government of India has been organizing the complete facilities to easily making the quick registration.
- The permanent Registration number will be given
- The certificate will be issued online
- Quick completion of the process of registration
- The certificate will have a dynamic QR Code
- Details about enterprise could be easily accessed
- No need for renewal of Registration
- Single window systems
- Registration Process is 100% free
- No Costs or Fees required for registration
What Is The Eligibility For MSME Registration?
For getting the MSME Registration, the distinction between manufacturing and services enterprises will be mainly removed with making the best investment. Before making the registration for your business, it is important to analyze and have the eligible criteria. Some of the important documents required for the online MSME Registration are listed below that includes
- Company Registration
- Sale or Purchase Bill
- PAN card
- Aadhaar card
- Property paper
- Rent agreement
- Business Address Proof
- Canceled Cheque
- For rented premises – NOC from the landlord is required. Along with rent receipts, utility bills, or documents as evidence.
- For self-owned premise – Property tax receipt, Lease deed or possession letter, allotment letter are required
The above are the most important documents for making the quick registration of the MSME. Below is the list of Additional Documents required for the verification.
- Memorandum of Association (MoA)
- Copies of Sale and Purchase Bills
- Articles of Association (AOA)
- Partnership Deed
- Copies of Licenses and Bills of Machinery Purchased
How To Check MSME Registration Status?
To get the MSME Registration status online, it is quite an easier option. You can simply follow the below steps for easily checking MSME application status
- Visit the MSME registration official portal
- Enter 12 digit UAM number
- Verification code will be displayed in the Captcha Image
- Click on ‘Verify’
- Check status of MSME registration online
