What is MSME Modification?
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME Industries are the backbone of the economy.When these industries grow, the economy of the country grows as a whole and flourishes. These industries are also known as small-scale industries or SSI’s.
This registration is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc
Document Required for the Registration are as Follow:-
(01) Aadhar Card
Business address proof
Company registration proof
License and purchase bills for machinery
To avail, the MSME registration benefits the following documents are required:
MSME certificates act as evidence of MSME registration. For registering more than one enterprise, applicants must go through separate MSME registration online. The fees will be charged accordingly. Each enterprise will be allotted with an individual MSME certificate.
Eligibility for MSME Registration
|MSME – Merged Criteria: Investment and Annual Turnover|
|Sector/Enterprise Type||Micro Enterprise||Small Enterprise||Medium Enterprise|
|Manufacturing & Services Sector, Both||Investment less than Rs. 1 crore Turnover less than Rs. 5 crore||Investment less than Rs. 10 crore Turnover up to Rs. 50 crore||Investment less than Rs. 50 crore Turnover up to Rs. 250 crore|
Form Fill Up
- Fill up the basic form and Get ready for Expert Assistance.
- Expert assisted Document Preparation • The process can take up to 2 working days.
Submitting the application
- Submit the application form along with the required documents.
- After submitting the application, verification takes place.
- The verification can take up to 2 working days.
Approval and registration
- The registration will be done if the application has been approved.
- The MSME certificate will be delivered to you.
The MSME registration application form contains the following components.
- Aadhaar details, PAN details, social category and gender of the entrepreneur.
- Name and type of enterprise.
- Address and contact details
Benefits of MSME
The reason behind MSME registration being appealing is the wide-ranged benefits. Here are the MSME registration benefits.
- MSME registered enterprises can avail loans at lower interest rates than regular loans.
- MSME certificate holders can enjoy tax exemption under the MSME Act.
- MAT or minimum alternate tax can be extended to 15 years from the regular 10 years.
- MSME registered enterprises gets preference for government-issued license and certificates.
- By getting registered under MSME, the cost of Trademark/Patenting and industry set up reduces due to various rebates and concessions.
- Many government tenders are given to only MSME registered enterprises.
- An MSME gets easy access to credit.
- Protection against Delayed Payment.
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1.2. Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE)
1.3. Interest Subsidy Eligibility Certificate (ISEC)
2.2. Market Promotion & Development Scheme (MPDA)
2.3. Revamped Scheme Of Fund for Regeneration Of Traditional Industries (SFURTI)
2.4. Coir Vikas Yojana (CVY)
2.4.1. Coir Industry Technology Upgradation Scheme (CITUS)
2.4.2. Science and Technology (S&T) for Coir
2.4.3. Skill Upgradation & Mahila Coir Yojana (MCY)
2.4.4. Export Market Promotion (EMP)
2.4.5. Domestic Market Promotion Scheme (DMP)
2.4.6. Trade and Industry Related Functional Support Services (TIRFSS)
2.4.7. Welfare Measures (Pradhan Mantri Suraksha Bima Yojana (PMSBY))
3.2. A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE)
3.3. National Manufacturing Competitiveness Programme (NMCP)
3.3.1. Credit Linked Capital Subsidy for Technology Upgradation
3.3.3. Marketing Support/Assistance to MSMEs (Bar Code)
3.3.4. Lean Manufacturing Competitiveness for MSMEs
3.3.5. Design Clinic for Design Expertise to MSMEs
3.3.6. Technology and Quality Upgradation Support to MSMEs
3.3.7. Entrepreneurial and Managerial Development of SMEs through Incubators
3.3.8. Enabling Manufacturing Sector to be Competitive through QMS&QTT
3.3.9. Building Awareness on Intellectual Property Rights (IPR)
4.2. Marketing Assistance Scheme
4.3. Procurement and Marketing Support Scheme (P&MS)
5.2. Assistance to Training Institutions (ATI)