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MSME Registration and Compliance
Introduction
The Micro, Small and Medium Enterprises (MSME) sector has popped-up as a high-yielding, vibrant, productive and the most dynamic sector of the Indian economy. These enterprises play a crucial role in providing ample employment opportunities, helping in industrialization of rural & backward areas, reducing the regional imbalances and assuring that there is an equitable distribution of the national income and wealth. They are complementary to the large industries as an ancillary unit and they contribute an enormous amount to the socio-economic development of the Indian economy. Though at times, they do need assistance and aid from the Government’s side as they are not well-equipped with the technology and resources. Therefore, the Government divises schemes, incentives, plans and rebates to this sector of the economy.Classification of the enterprises into Micro, Small and Medium Enterprises (MSMEs) ?
The MSME Development Act, 2006 classifies the MSMEs into-
(a) Manufacturing Enterprises, and
(b) Service Enterprises.
| Basis | Micro | Small | Medium |
| Investment | Upto Rs. 1 crore | Between Rs. 1 crore and Rs. 10 crores | Between Rs. 10 crores and Rs. 50 crores |
| Turnover | Upto Rs. 5 crores | Between Rs. 5 crores and Rs. 50 crores | Between Rs. 50 crores and Rs. 250 crores |
Benefits of Getting Registered Under MSME Act, 2006
Indian Government has promoted the registration of Micro, small and medium enterprises (MSMEs) by providing various benefits to this sector. Such benefits can be availed only if the business had registered themselves as an MSME/SSI under MSME Act.
The MSME registration is not statutory but recommendatory. Though, the registration of company under the MSME act brings ample benefits to all types of enterprises. Any enterprise can reap the tree of benefits offered under the MSMED Act provided if the said company is registered under the said Act. Major benefits offered by the Central Government includes the following:
- Credit Guarantee Fund Trust for the Micro and Small Enterprises (CGTMSE) - Collateral free loans up to a limit of Rs. 200 lacs.
- Credit Linked Capital Subsidy Scheme for Technology Upgradation – This scheme aims at the facilitation of technology up-gradation by granting 15% up-front capital subsidy to the MSMEs.
- ISO 9000/ISO 14001 Certification Reimbursement Scheme – This scheme envisages the reimbursement of the charges of acquiring ISO9000/ISO-14001/HACCP certifications upto 75% of the expenditure subject to a maximum amount of Rs. 75,000 in each of the case.
- Micro Finance Programme.
- MSME Market Development Assistance (MDA).
- Exemption under Direct Tax and Statutory support such as reservation and the interest on Delayed payments Act.
- Excise exemption scheme.
- Easy sanction of bank loans (Priority sector lending).
- Lower rates of Interest.
- various subsidies like tax, capital investment, power tariff and many other.
- Provide the development of specialized industrial estates.
It is recommended to approach MSME registration consultants in Delhi for the easy and smooth registration of the same as we all know that professionals are more versed with the MSME & related matters.
Want to online MSME registration for your business? Our experienced experts can help you in processing MSME and Udyog Registration in Delhi faster and hassle-free.
We, at MAG, help businesses in procurement of new registrations, amendment of the existing registration and consultation on the benefits being granted by the government. Our professional team is well-versed with the MSME matters.
In case you need MSME registration and related services, we would be glad to assist you. Reach us at info@manishanilgupta.com.
Richa Gulati
Senior Associate-Secretarial Compliance, PCS
“If You Want To Fly Into A Free Sky, You Never Ask For The Wings, You Just Want To Break Up Your Ring. Keep Flying, The Whole Sky Is Yours .” .
Frequently Asked Questions
No, MSME Registration is voluntary. It is mandatory if an entity wants to avail of the MSME benefits provided by the government.
The Govt fee for MSME Registration/ Udyam Registration is Nil.
There is no expiry for MSME Registration. It is valid till the entity exists. Hence, no renewal is required.
Yes, a proprietorship firm is eligible to register as an MSME
Yes, it is possible to update the address in MSME Certificate. But the state and district cannot be changed. In such a case, one is only left with the option to make a new registration application.
One can add up to 10 NIC Codes in an MSME Registration application.
No, only one registration can be applied with a single PAN.
Yes, one can change the name of proprietor firm on the MSME Registration Certificate.
No, an entity cannot apply for two MSME registrations. If it is involved in both the sectors, both can be applied for in a single registration.
Yes, MSME registration can be canceled or updated if there are any changes in the information provided during the registration process. You can apply for updates or cancellation through the Udyam Registration portal.
Yes, existing businesses can apply for MSME registration. The registration is not limited to new or startup businesses. Both new and existing enterprises can avail of the benefits and incentives provided under the MSME scheme.
You can register your MSME online through the Udyam Registration portal, which is the official government website for MSME registration
Any entity engaged in manufacturing, or providing services can apply for MSME registration. The classification of enterprises is based on their investment in plant and machinery or equipment for manufacturing units, or on investment in equipment for service providers.
A: MSME stands for Micro, Small, and Medium Enterprises.
A: Yes, there are various financial assistance programs for MSMEs. These may include subsidized loans, credit guarantee schemes, grants, venture capital funding, and assistance with technology upgradation. The availability and nature of financial assistance can vary, so it is advisable to explore the specific programs and schemes offered by the government or financial institutions.
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