MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.
The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries (As per msme.gov.in). 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.
|Enterprises||Investment in plant & machinery|
|Micro Enterprises||Does not exceed twenty five lakh rupees|
|Small Enterprises||More than twenty five lakh rupees but does not exceed five crore rupees|
|Medium Enterprises||More than five crore rupees but does not exceed ten crore rupees|
|Enterprises||Investment in equipments|
|Micro Enterprises||Does not exceed ten lakh rupees:|
|Small Enterprises||More than ten lakh rupees but does not exceed two crore rupees|
|Medium Enterprises||More than two crore rupees but does not exceed five crore rupees|
Tax Benefits :
According to your business, you may enjoy an excise benefit scheme as well as exemption from certain direct taxes in the initial years of your business.
Easy Clearance of Pending Payments :
MSME registration helps you to make easy clearance for any pending payment.
50% discount on trademark and Patent Fees :
MSME registration makes you help to reduce the pricing of trademark and patent registration.
Lesser Interest Rates For Bank OverDraft(OD) :
Banks and other money-related organizations perceive MSMEs and have made exceptional schemes for them. This more often than excludes need segment loaning, which implies that the probability of your business being endorsed a credit is high, and lower bank financing costs.
Eligible for Mudra Loan Scheme :
MSME registration helps you to be eligible for Mudra loan scheme.
Apply Government Tenders Easily :
Subside to the power, taxes, and entry to state-run industrial estates, there is a sales tax exemption in most of the states. Not only this but also the central government offers various schemes from time to time.
- To do the registration the small and medium scale industry owner has to fill a single form which he can do online as well as offline.
- If a person wants to do registration for more than one industry then also he/she can do individual registration.
- To do the registration he/she has to fill a single form which is available at the website which is listed below.
- The document required for the registration is Personal Aadhar number, Industry name, Address, bank account details and some common information.
- In this, the person can provide self-certified certificates.
- There are no registration fees required for this process.
- Once the detail-filled and upload you would be getting the registration number.