All about MSME RegistrationAbhishek Kumar / 2020-01-29 03:59:11
What is MSME?
Micro, small and medium enterprises is the full form for MSME. They are generally classified into 2 categories
A) Manufacturing enterprise
B) Service enterprise.
These are categorized in terms of investment
Micro -: less than Rs. 10, 00,000
Small -: less than Rs. 20,000,000
Medium -: less than Rs. 50,000,000
Micro -: Rs. 2,500,000
Small -: less than Rs. 50,000,000
Medium -: less than Rs. 100,000,000
#Benefits of MSME Registration
1- MSME registration offers cheaper interest rates on bank loans ranging from around 1% to 1.5% which is extremely less than regular interest rates for loans.
2- Various kinds of rebates and concession are provided to them which slashes patent cost and cost of setting up industry which in turn provide them easy access to credit.
3- They offer various kinds of tax rebate.
4- Higher preferences are provided by the government to the business is registered under MSME.
5- Minimum alternate tax credit was extended to up to 15 years from 10 years.
6-Various government tenders are strictly open to MSME.
7- Businesses register under MSME have to pay a one time settlement fees.
8- Subsidies are provided on electricity bills.
#Documents Required of MSME registration
Following the are the documents required to get registered under MSME:
1- Partnership Deed (if any)
2- Business Address Proof
3- Licences and invoice for the machinery purchase
4- Sales and purchase invoice
5- Aadhar number
6- Bank account details
Note: Self certified certificate can be provided
Process for getting registered
1- The one who needs to get registered has to fill a form onlinethrough the state website or offline true concerned zonal department as a starting process.
2- Individual registration can be done if a person wants to register for more than one industry
3- To obtain permanent certificate the business shall be commenced after filling the form.
4- No registration fee is applied.
5- After the details are filled and correctly uploaded to the portal the entity will get the registration number