All you need to know
To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required. MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades.
On 13th may, 2020 Government of India announced some major relief to the MSMEs. And one of the major relief is that the Government Revised the definition of the MSMe as a whole.
Under the new definitions, the distinction between manufacturing and services enterprises has been eliminated and the investments have been revised upwards and additional criteria of turnover has been introduced.
The new definition of MSMe is as follows:
Micro Enterprise: Manufacturing and services enterprises with investments up to Rs 1 crore and turnover up to Rs 5 crore will be classified as micro enterprises.
Small Enterprise: For small enterprises, the investment criteria and the turnover criteria has been revised upwards to Rs 10 crore and Rs 50 crore respectively.
Medium Enterprise: The enterprises which have investment up to Rs 50 crore and turnover up to Rs 250 crore will be termed as medium enterprises.
The new definition will benefit all the MSMes as they need not worry about growing in size; they will still be able to get quite a lot of benefits which otherwise, as an MSME, they have got.
This said new definition of MSMe is a welcome move for the promotion of the Atma Nirbhar Bharat Abhiyan by the Government of India.
Any Micro, Small and medium-sized enterprises in the manufacturing and service sector can obtain MSME Registration. MSME is used interchangeably with SSI, which stands for Small Scale Industries.
Though the MSME registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for capital investment subsidies, lower rates of interest, tax subsidies, power tariff subsidies, and other support. You may also avail our e-Xpress service to obtain SSI registration / MSME registration within one working day.
caagrawalkanhere.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Registering for SSI/MSME is easy, seamless, cheapest and quickest with caagrawalkanhere.com!
Points to make your decision easy
Micro enterprises are the smallest entities. Micro manufacturing & service enterprises have an investment of less than investments up to Rs 1 crore and turnover up to Rs 5 crore
Small enterprises are bigger than the micro enterprises. Small manufacturing and service enterprises may have between investments up to Rs 10 crore and turnover up to Rs 50 crore
Medium enterprises are bigger than the small enterprises. Medium manufacturing & services enterprises may have between investments up to Rs 20 crore and turnover up to Rs 100 crore.
SSI or MSME Registration is not mandatory. However, it is advisable for all micro, small and medium enterprises to obtain for its obvious benefits. The same is available for Manufacturers and Traders.
Major benefits of SSI/MSME Registration are cheaper and quick bank loans, easy access to credit, tax rebates, cheaper infrastructure, including electricity exemptions. View More.
For Micro, Small & Medium Enterprises, An MSME Certificate once applied to need no renewals. It is valid for life time. Further, there are no periodic returns to be filed in respect of it.
5 Easy Steps
Complete simple form
Submit Documents
Verification of Documents
Application for MSME Registration
MSME Certificate Issued
A Compliance Manager will get in touch with you to obtain documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for processing. Once we receive the documents, We will verify them.
Once Verified, we will proceed with registration formalities. All throughout the process, your dedicated Compliance Manager will keep you updated on the progress of SSI/MSME Registration. We will apply for SSI/MSME Registration online.
Upon submission, your SSI/ MSME/ Udyog Aadhar Registration Certificate will be generated automatically. Once done, we will notify you about the completion of the process. Whole process will be completed in 3 working days.
Get answers to all your queries
I availed MSME registration and GST registration. The team assigned to my work has done sincere duties may it be payal from the beginning and viplav who filed the gst in a smooth way. There was 7 8 months difference between MSME and gst registration as we have to arrange office address. They easily entertained me and my remaining work even after such a long gap. Thanks
