GSTIN and Pan is compulsory for MSME RegistrationHemlata Khandelwal / 2021-03-20 01:37:37
On 1 July 2020, the Ministry of MSME launched the Udayam Registration Website to allow MSD to recognize itself as UDYAM, a new identification number that allows a business to MSME Defines.
New entrepreneurs need to register themselves as MSMEs or re-register existing MSMEs to get all the benefits given to MSMEs by the Government of India, banks, or any other system.
According to the MSME Ministry, industry registration can be filed online on the basis of self-declaration, with no need to upload documents, papers, certificates, or evidence.
However, the portal also states that this is temporary and every business should obtain a PAN card before 31 March 2021 and register for GST, and update them in the Udayam registration portal. After 1 April 2021, if no Udyam has PAN and GST, their (Udyam) MSME registration number will be canceled.
Hence the businessmen who do not currently have GST will have to register for GST even if they do not fall under the minimum revenue bracket for GST, ie. 20 lakhs for services and forty lakhs Rupees for the manufacturing. If they want Udyam registration then they take all the benefits of MSME.
Such entrepreneurs were having problems due to GST registration which
After the central government mandated GST registration online, many MSME organizations said that this is affecting the registration process. They said that many vocations have been immune from the obligatory GST return filing. At the same time, Many MSME's turnovers per annum are so low that they do not need to take GST registration. In such a situation, the obligatory registration of GST for MSME registration online is becoming difficult.
The MSME Ministry issued a notification on 5 March 2021 after an inquiry into the matter, stating that GST-TIN would be mandatory for those filing GST returns. At the same time, people who are exempted from GST return filing can use their Permanent Account Number (PAN) while registering their company. Let me tell you that the enterprise registration portal has received a great response from the businessmen.