The Ultimate Guide to MSME/Udyog Aadhar Registration Benefits

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finance

Summary

According to Ministry of MSME, where MSME stands for Micro, Small, and Medium Enterprises. as of 7th November 2020, more than 11 lakh Business units registered for MSME certificates.

Press Release

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Pune, Maharashtra, 15th Feb 2021:

Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. MSME sector contributes around 40% to the GDP of India and counting with the aim at facilitating the promotion and development of small and medium Enterprises. MSMEs are complementary to large industries as ancillary units and this sector contributes enormously to the socio-economic development of the country

Finance Minister of India, Nirmala Sitharaman announces various measure to extend financial support to small, micro and medium Industries in Budget 2021, such as doubling the allocations for MSME of Rs 15,700 Crore from FY 2019-20 figure of Rs 7572 Crore. Which has been badly affected by the COVID-19 pandemic. According to the Federation of Indian Micro and Small & Medium Enterprises (FISME), reduction in Customs Duties on steel and ferrous and non-ferrous scrap is a major direct benefit to the MSMEs as it will help reduce the raw material prices. This was one of the main demands of the sector.

According to Section 7 of the MSMED Act, 2006, the government has prescribed specific turnovers and investment limits to reckon whether an enterprise falls under the micro, small or medium category.

In terms of this Act definition of micro, small and medium (MSME) enterprises is as under:

  1. A micro enterprise is an enterprise where, Manufacturing Enterprises and Enterprise Rendering Services – Investment in plant and machinery for equipment’s: not more than Rs. 1 Crore and Annual Turn Over: not more than 5 Crore.
  2. A small enterprise is an enterprise where, Manufacturing Enterprises and Enterprise Rendering Services – Investment in plant and machinery for equipment’s: not more than Rs. 10 Crore and Annual Turn Over: not more than 50 Crore.
  3. A medium enterprise is an enterprise where, Manufacturing Enterprises and Enterprise Rendering Services – Investment in plant and machinery for equipment’s: not more than Rs. 50 Crore and Annual Turn Over: not more than 250 Crore.

BENEFITS OF GETTING MSME REGISTRATION…

  1. Protection against Payments (Delayed Payments) MSME Samadhan
  2. Income Tax exemption
  3. Fewer interest rates and availability and access to greater credit:
  4. Priority Lending:
  5. Reimbursement of ISO Certification

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MSME / Udyam Registration Process