MSME Registration Overview :

The government has introduced the new Udyam Registration to replace the older MSME and Udyog Aadhar registrations from July 1, 2020 onwards. Organizations which are engaged either in manufacturing or production or processing or preservation of Goods OR in the providing or rendering of services are eligible for registration under the new Udyam Registration. In other words, the enterprises which are engaging only in trading i.e. buying, selling importing, exporting of Goods are not eligible for applying for Udyam Registration. The applicability of the Udyam registration is for Micro, small and medium sized organizations. The categorization is summarized below:

Documents Required For MSME

No documents are required to be uploaded on the Govt. portal as part of the registration process. However, an enterprise will be required to provide the following details for Udyam Registration application. The details required shall be as below:

  1. PAN Number of enterprise
  2. GST Number of enterprise
  3. Bank Account details of the enterprise
  4. Turnover of the enterprise over the last 2 years
  5. Written Down value of investment made in the business
  6. Address of the business
  7. Type of Income tax return filed in the previous year
  8. Date of incorporations/ commencement of business
  9. Nature of business activity being carried out
  10. No. of persons employed by the enterprise along with their gender

Benefits Of MSME Registration

Some of the benefits available post registrations under Udyam aresummarized below. Apart from those listed below, there are many other benefits provided by the different govt. bodies for specific industries.

  1. After registering under Udyam, the applicant will receive the benefits of all the government schemes such as an easy loan, loan without guarantee, loans with subsidized rates of interest etc.
  2. The applicant will receive financial support for participating in foreign expos to showcase their products.
  3. Registration would facilitate hassle-free opening of current bank accounts in the name of the business.

With the recent thrust on development of MSMEs by Govt of India, registration under Udyam has become very important. The primary reason is the ability to avail the benefits being provided by the Govt.

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