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Udyam Registration: New process for MSME registration launched

The Enterprice shall register itself on the Udyam Registration Portal

A Permanent Indentity Number Shall be generated

Aadhar shall be mandatory for registration on Udyam Registration Portal. No fees are required to be paid nor any documents are required.

On completion of registration a E-Certificate for registration containing the Permanent Identity Number shall be generated.

On completion the Enterprise shall submit Income Tax Return/GST Return on the Udyam Aadhar Portal.

On the basis of ITR/GSTR uploaded the Re-classification within categories of MSME may be made

Udyam Registration Benefit

Benefits:

  • Due to the MSME registration, the bank loans become cheaper as the interest rate is very low around ~ 1 to 1.5%. Much lower than interest on regular loans.
  • 50% discount on Trademark Registration
  • You will avail concession on electricity bills if you have MSME registration
  • There are various tax rebates offered to MSME.
  • It also allowed credit for minimum alternate tax (MAT) to be carried forward for up to 15 years instead of 10 years
  • There are many government tenders which are only open to the MSME Industries.
  • They get easy access to credit. Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available.
  • Business registered under MSME are given higher preference for government license and certification
  • There is a One Time Settlement Fee for non-paid amounts of MSME.