Benefits of Udyam Registration for MSMEs
MSME stands for Micro, Small and Medium Enterprises, also known as Udyam Aadhar and the Registration process is known as Udyam Aadhar Registration. Any individual who intends to form micro, small and medium businesses like One Person Company, private limited company or limited liability partnership will have to file for Udyam Registration in online portal of Udyam registration. The business will be issued a Udyam Aadhar registration number or an e-certificate which is known as Udyam Certificate.
A business entity is classified into 3 different categories. Let us look at them.
- Investment in Plant and Machinery- Up to Rs.1 Crore
- Turnover Criteria- Up to Rs.5 Crore
- Investment in Plant & Machinery- Rs.1 Crore to10 Crore
- Turnover Criteria- Rs.5 Crore to 50 Crore
- Investment in Plant and Machinery- Rs.10 Crore to 50 Crore
- Turnover Criteria- Rs.50 Crore to 250 Crore
What are the Benefits of Getting Udyam Registration?
You will enjoy many benefits after registering your business or by obtaining Udyam Registration. Do you know the best thing about getting Udyam Registration is that process of Registration is quite simple and there is no paperwork at all for obtaining this registration? We have mentioned a few but key benefits of Udyam Registration in India.
15% CLCSS Subsidy to Buy
MSMEs are operating a scheme known as credit linked CGSTI subsidy scheme for technology upgradation of MSMEs. This scheme aim is to facilitate technology upgradation of MSMEs by providing them 15 percent capital subsidy for purchase of plant and machinery.
Easily Get Loans from Banks
All banks provide priority to micro small medium enterprises and make some special plans for them. These plans include priority sector lending that means Business can get a loan easily at very lower interest rates. In case of a delay in repayment, businesses can get a stay as well.
ISO Certification Reimbursement
If your business has MSME Registration Certificate, then you can reimburse ISO Certificate expenses simply by making application to concern authority.
Get Protection against Delay in Payment
MSMEs provides protection to MSME registered businesses against delay in payment from buyers as well as right of interest on delayed payments simply by cancellation and settlement of dispute is done in no time.
Businesses can get the benefits of the excise exemption scheme depending on their industry type. They can also get a direct tax exemption in the beginning years.
Waiver in Government Security Deposits
The ministry of MSMEs provides many benefits to business entities that has MSME Registration. These benefits include issue of tender sets free cost, exemption from payment of earnest money, waiver of security deposits up to the monetary limits.
State Government Subsidy
The state government provides subsidy on electricity bill, tax as well as entry to enterprises that are associated with the industry base. On the other hand, the central government provides them exemption in sales tax.
Electricity Bills Concession
Businesses that have MSME certificate can avail concession on their electricity bill simply by making application to electricity department.
Other Several Benefits of Udyam Registration For MSMEs:
- Easily obtaining registrations, licenses, or approvals.
- Business owners can become a part of international business fairs
- Bar Code Registration Subsidy
- Fast resolution of disputes
- Octoi benefits
- Subsidy for Patent registration
- Industrial Promotion Subsidy Eligibility
- Businesses registered under MSME can avail 100% Collateral Free loans from all banks
- Waiver on stamp duty and registration fee
- Many exemptions under direct tax laws
- Barcode Registration Subsidy
- Subsidy on NSIC performance and credit rating
- Counter Guarantee from Government through CGSTI
- States and Union territories have their package of incentives for small scale
- Waiver while applying for government tenders
- Udyam Registration helps in reducing the cost of getting a patent done
- Higher preference are provided to those business entities registered under Udyam.
So, you can see there are many benefits of getting a Udyam registration. The online registration process is simple and a paperless process with no documents required.
What Documents are Required for Udyam Registration?
Udyam Aadhar Registrationis completely online and paperless. There is no document required. Only the Aadhar card is required for Udyam Registration online in India. TAN, PAN and GST linked details on investment and turnover of businesses will be taken automatically from government databases. Remember, PAN and GST number is mandatory.
Let's Know About Udyam Registration Process
The online Udyam Registration process is fast and easy.
Step 1: Just access Udyam Registration web portal https://udyamregistration.gov.in/
Step 2: Now fill out the online form. Make sure that all the details are filled correctly.
Step 3: Select Organization type and PAN No. Your PAN No. will be Verification.
Step 4: After PAN Verification,Fill out the form with all the required fields.
Step 5: Aftersubmitting the form,It will be verified by the concerned authorities.
Step 6: After Verification of documents, you will get e-certificate/ Udyam registration certificate at your registered Email Id.
Many Individuals ask a few very common questions related Udyam registration, for example- Can I change my name after updating? Or can I change bank account details? We want to tell them they cannot change their name once they have completed the registration process. But they can chance, edit, or update their bank account details.
Why Choose ExpertBells for Udyam Registration?
The prime aim of MSME Act is to help the smaller enterprises grow through various financial and benefits. We, ExpertBells are consultant experts who are well versed with Udyam registration for small or medium enterprises. Online Udyam registration through our experts helps you to saves time simply by discarding the more time needed to get registered online through other websites or offline modes.
If you are facing any issue while filing Udyam registration form online or have any doubt about the process, then you contact us simply by filing the inquiry form or Call us at (+91) 7438-99-7438. One of our professionals will call you in no time. Our charges for Udyam registration online are very nominal as compared to other service providers.
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