The idea behind the introduction of Udyam Registration is to simplify the processing format in which business owners have to register their business under the Micro Small Medium Enterprises or MSMEs. Before the advent of Udyam Registration, the format for the same was very busy and a time-consuming bureaucratic process that required a lot of paper management. However, with the introduction of emerging Registrations, things have changed and there has been some improvement for the medium, small and micro industries. In this article we have discussed about the complete benefits of MSME Udyam Registration.
Introduction of MSME Udyam Registration:
Officially, MSMEs were defined as investments in plants and machinery.
But the criteria for definition have long been criticized because credible and
accurate details of the investment were not readily available by the
authorities. Therefore, in February 2018, the Union Cabinet decided to change
the criteria to "annual transactions", which was more in line with
the GST. Following the recommendation of the Advisory Committee, the Central
Government informed the industry of some of the criteria for classifying micro,
small and medium enterprises and implemented the form and process for
submitting the memorandum from 1 July. 2020.
Who can get Udyam Registration?
Let's clean some things up Organizations eligible for emerging Registration are intended to produce or produce or process or store or service goods. In other words, traders buying, selling, importing or exporting goods are not eligible to apply for Registration or they can take benefits of MSME Udyam Registration. But you should know that there is a set of criteria that an organization must meet to be classified as a medium, small or micro-enterprise to get MSME Registration.
Udyam Registration process:
The Registration process is very simple, and the process of filling out the form is very simple. The system is kind of updated today, and it is looking for relatively less information than the old process. It is important to note that MSME Registration is free of charge and does not charge any official fee for issuing a website Registration certificate.
Things are now simple to take benefits of MSME Udyam Registration and efficient Here is a simple guide to registering under MSME to get Udyam Registration.
1- Visit the official website:
- The first step to registering your business online is by visiting the Government Emerging Registration Portal.
- Click on the “For new entrepreneurs who are not yet registered as MSME” option.
2- Enter your personal information:
The initial feature you need to enter is your name and your unique 12-digit Aadhaar number. Click on "Create an OTP" You will get an OTP on your registered mobile number then enter OTP
Note: For new businesses, an Aadhaar number will be required for the Registration of the owner's status in the case of an ownership entity; A management partner in the case of a partnership; A card in the case of a Hindu undivided family (HUF); Of a company or a limited liability Partner or a certified signatory in the case of a cooperative society or society or trust.
3- PAN check:
Select the type of organization and enter your PAN and click on valid data. The pan becomes a valid metal.
If a Company / LLP / Co-operative Society / Society / Trust that it’s authorized signatory provides its Aadhaar number with the Company / LLP / Cooperative Society / Society / Trust GST and PAN.
4- Filling Correspondence Details:
After completing all the above details, the next information you have to give is the full postal address of the company/organization. Information about your company’s district, PIN code, state, email address, and mobile number as well.
5- Fill in the bank details:
You will need to enter the active bank account number of your business with the IFSC code of the relevant branch. If you do not have the IFSC code of the relevant branch, you can find the same on the bank’s website.
6- Select the District Industry Center and Accept the Declaration:
- In the last step to complete process, you will be choosing the your district category center from the provided below list.
- Then after, you will have to accept the Button and click on “Submit and Get final OTP”.
- After that enter the OTP which you have received on mobile and click on the “Final Submit” button.
- Once you click on ‘Submit and Get Final OTP’, you will find a registration number. Once all your information is verified by the government, you will get an e-Registration document in your e-mail ID.
Documents required for MSME Udyam Registration:
- The MSME Registration process is entirely online, paperless, and self-declarative.
- Documents are not required for MSME Registration.
- Only the Aadhaar number will be sufficient for Registration.
- Pan and GST-linked details on investment and industry transactions will be automatically taken from the government database.
- It is mandatory to have a PAN & GST number from 01.04.2021.
Benefits of MSME Udyam Registration:
After obtaining an after registering his business and resolve Registration will enjoy many benefits | Talk about getting the best resolve Registration is the process do not need to manage documents liberally to obtain very simple and without it Udyam Registration. See the top benefits of MSME Udyam Registration: - MSME Udyam Registration helps to
get government tenders.
- As a result, bank loans become
cheaper because interest rates are much lower and 1.5% lower than interest
rates on regular loans.
- Various tax rebates are available
for MSME Udyam.
- It is easier to get licenses,
approvals, and Registration irrespective of business area Priority is given to
registered traders under Udayam for Government licenses and certificates.
- They have easy access to credit at
low-interest rates
- Registered Udayam get tax
subsidies and tax and capital subsidies.
- Registration helps to get a patent
or reduce the cost of setting up an industry. With the help of many discounts
and discounts available.
- Protection against late payment,
supply of goods and services.
- Registration, licensing, and
approval are easy.
