Achi news desk-
Registration under MSME can provide loan benefits to companies.
The Ministry of Micro, Small and Medium Enterprises (MSME) has been created by the government of India.
India is a developing country. Many new businesses start their operations every day. Not all businesses run on a macro level, many are small businesses. To provide benefits and help these small businesses grow financially, the Ministry of Micro, Small and Medium Enterprises (MSME) has been created by the Indian government. If one owns a small business or runs a micro-enterprise, then they are advised to register their companies with MSME to get various benefits, including cheap loans. Let’s take a look at the registration process, eligibility, and benefits of MSME.
Who can register themselves with MSME?
– Those companies will be considered as micro enterprises where the investment does not exceed Rs 1 crore and turnover does not cross Rs 5 crore.
– Companies whose investment does not exceed Rs 10 crore and turnover exceeds Rs 50 crore will be considered as small enterprises.
– A medium enterprise is classified as a business where the investment is not more than Rs 50 crore and the turnover is less than Rs 250 crore.
How do I register with MSME?
Step 1: Go to the official website: www.udyamregistration.gov.in
Step 2: Then, select ‘New registration’ on the homepage. After clicking on that, a registration form will appear.
Step 3: Enter the concerned ‘Aadhaar Number’ and ‘Entrepreneur Name’ and click on ‘Verify and Generate OTP’.
Step 4: Fill the required PAN details on the verification page.
Step 5: Then, Udyam registration box will appear. Fill in all the details as required.
Step 6: After successful registration, you will get a ‘Thank you’ message with the registration number starting with ‘UDYAM’.
Some important information required to register for MSME includes:
– Aadhaar number
– Pan number
– Business address
– Bank account number
– Basic business activity
– NIC (2 digit code)
– Details of investment (details of machinery or device)
– Turnover details
– Partnership action
– Sale and purchase of bill copies
– Copies of licenses and bills for machinery purchased
Benefits of Registration under MSME:
-Loans from banks at affordable interest rates.
– Income tax exemption.
– License to establish an industry.
-Preference to registered industries in MSME.
-Electricity discounts.
-Huge tax rebate on excess production.
