MSME Registration

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MSME Registration

MSME signifies micro, small and medium enterprises and any enterprise that lies any of these three groups. MSME enterprises are the fortitude of any economy and power of economic growth, enhancing equal establishment for all. Thus, the MSMED Act of India facilitates the promotion and establishment of enterprises through many incentives, schemes and subsidies in order to encourage and create MSMEs. To use the advantages under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is essential.
Micro, Small and Medium sized enterprises in both the manufacturing and service sector can achieve MSME Registration under the MSMED Act. However the MSME registration is not statutory, it is helpful for business as it offers a range of benefits such as eligibility for lower rates of interest, tax subsidies, excise exemption scheme, capital investment subsidies, power tariff subsidies and other support. Skill Development Advisor (SDA) can assist your business in achieving MSME Registration to gain a host of benefits.

Documents Required for MSME Registration

Frequently Asked Questions (FAQs)

Ans:-Most of the state government favors ventures which are registered under MSMED Act. State governments offer subsidy such as on power, taxes, and much more. Sales tax exemption is given in most of the states and purchase preferences is provided on goods produced. The venture may also enjoy excise exemption scheme and exemption from certain direct taxes in the initial years of your business.

Ans:-The validation of a PRC is for 5 years and you may still re-apply for it if the unit is still not under operation. You can easily apply for the permanent license as soon as you start with your operations.

Ans:-It is always advised to obtain MSME registration as it provides lots of benefits to the enterprises registered under the MSME Act. As it is a certificate provided by the Government of India, it will give you an identity and will guard you from a lot of difficulties later on. You can apply for MSME easily through the Government’s online portal of udyog aadhaar.

Ans:-SSI/MSME registration is completely voluntary. Businessmen and entrepreneurs generally get this done to employ the benefits offered under it. The registration procedure is quite easy and simple.