The new online msme registration portal as well as udyam registration system launched by the union msme ministry on 1st of july, 2020 has proven to be a success with more than 11 lakh msme successfully registering.
It should be noted that as of 1st of july, 2020 the ministry of msme has changed the definition of msme and the registration process. It also created a new registration site for msme. This portal is the first of its kind to be completely linked with the central board of direct taxes and goods service tax network as well as the government electronic marketplace. It should be emphasised that as a result of this integration msme registration is now completely paperless.
Definition of msme.
The following criteria shall be used to classify an enterprise as a micro, small and medium enterprise.
A micro enterprise with a plant and machinery investment of less than one crore rupee and a turnover of less than five crore rupee.
A small business with a plant and machinery investment of less than one crore rupee and a turnover of less than five crore rupee.
A medium sized business with an investment in plant and machinery of not more than fifty crore rupee and a turnover of not more than 250 crore rupee.
Brief description of udyam registration.
An enterprise shall be known as udyam for the purpose of this procedure and its registration process will be known as udyam registration. After registration a permanent registration number will be provided.
A certificate will be provided online when the registration procedure is completed.
This certificate will include a dynamic quick response code that can be used to access our portal web page as well as information about the company.
Registration will not need to be renewed.
In the process our single window system in champion control room and district industry center will assist you.
The registration procedure is completely free of charge. There are no fee and cost to be paid to anybody.
Micro, small and medium enterprise registration is free as well as paperless and self declaratory. The msme registration procedure is entirely online and paperless as well as self declaratory.
There is no need to provide any paper and evidence while registering an msme.
Only your aadhaar number is required for registration.
Data on business investment and turnover as well as permanent account number and goods service tax related data would be automatically obtained from government database.
The income tax and goods service tax identification number system will be completely linked with our online system.
A permanent account number and a goods service tax number will be necessary from 1st of april, 2021.
Re registration is required for those with an entrepreneur memorandum part two as well as udyog aadhaar memorandum registration as well as any other registration issued by a ministry of msme authority.
There may only be one udyam registration per company. However any number of activity including production as well as service and both can be defined as well as added to a single registration.
Process for udyam registration.
Udyam registration will require an aadhaar number.
The Aadhaar number of a proprietorship company is the owner a partnership firm controlling partner is the controlling partner and a hindu undivided family karta is the karta.
If you are a company as well as a limited liability partnership a co operative society as well as a society and a trust and you will need to submit your goods service tax identification number as well as permanent account number and aadhaar number.
Any information gap from past year when the entity did not have a permanent account number must be filled out on a self declaration basis if the entity is legally registered as an udyam with a permanent account number.
Any number of operation including production as well as service and both may be included and added to a single udyam registration but no firm may submit more than one udyam registration.
Anyone who willfully misrepresent and try to hide self declared fact and figure in the udyam registration and updation procedure will be subject to the penalty set out in section 27 of the act.
Udyam registration benefit.
The udyam registration certificate holder may also take use of the same perk which would be beneficial to them.
Request a waiver of stamp duty and registration expense.
Overdraft are exempt from a 1 per cent interest charge.
Eligible for national saving income certificate and credit rating subsidy as well as industrial promotional subsidy.
Payment for getting the international standard organization certificate will be reimbursed.
Micro, small and medium enterprise and small scale industry have reserved item for exclusive production.
Take advantage of the excise exemption scheme.
Get a break when applying for government contract.
Exemption from direct taxation.
Bank mortgage and bank business loan are simple to obtain.
Patent registration is eligible for a subsidy.
Subsidy eligibility for the industrial promotion subsidy.
Special attention is paid to international trade fair.
Electricity bill reduction.
