The online MSME registration process has now become quite simple and time-efficient. If your business is small or medium or even micro, then you must obtain MSME registration because the government of India has introduced many schemes under MSMED Act to encourage and promote micro, small and medium enterprises.
MSME stands for Micro, Small and Medium Enterprises, and such enterprises are the backbone of Indian economy. If we believe the reports, the MSME sector shares 45% of India’s Total Industrial Employment, 50% of India’s Total Exports, and 95% of all industrial units in the country.
As per information from MSME’s official website, more than 6000 types of products are manufactured in such industries. The growth of the Indian economy is directly proportional to the growth of MSME industries. As the industries grow, the country’s economy develops as a whole. MSME industries are also known as Small Scale Industries (SSI).
Categorization of MSME
Micro Small and Medium Enterprises are categorized into two parts:
• Manufacturing Enterprises; and
• Service Enterprises.
Further, they are defined as investment in Plant and Machinery/ Equipment as follows:
Categories Investment made in Micro Enterprises Investment made in Small Investment made in Medium
Plant and Machinery Less than Rs. 25 Lakhs Less than Rs. 5 Crores Less than Rs. 10 Crores
Equipment Less than Rs. 10 Lakhs Less than Rs. 2 Crores Less than Rs. 5 Crores
Online MSME registration process
You can register your MSME both online and offline. But if you are seeking online MSME registration process, then follow the following steps:
Step1: The foremost step to MSME registration includes filing an online application on MSME’s website and filling up the details.
Step2: If you want to register for more than one industry, then you can do individual registration by filing a single form available on the website.
Step3: Then submit all the documents required for the registration such as Aadhaar number, industry name, bank account details, address, and other general information.
Step4: Submit the above documents along with self-certified certificates.
Step5: Once you have filled all the details accurately and uploaded it on the website, you will receive the registration number very soon.
There’s no fee required for this registration process.
Latest updates on MSME registration
Recently, the government of India has launched support and outreach for greater synergy to the MSME sector. Under this initiative, the enterprises can avail the following benefits:
1. Approved loan up to Rs. 1 crore only in 59 minutes through an online portal.
2. All CPSUs are mandatorily required to procure through the GeM portal.
3. 3% procurement is reserved for women out of 25% procurement mandated from MSMEs.
4. 100 Technology centers will be established at the cost of Rs. 6000 crores.
5. All PSUs are required to obtain 25% from MSMEs, instead of the 20% of their total purchases.
Apart from these, there are several new features updated for MSME sectors. For more info, click here.
Conclusion
MSME registration offers many benefits to the small-scale industries. All you need to do is to obtain an MSME registration for your enterprise. Business falling under the MSME categories can easily get loans and that too at lower rates, various tax subsidies, excise duty exemption schemes, eligible for IPS subsidy, reimbursement of ISO certification, etc.
Hence, if you’re looking to register your business under MSMED act, then contact India’s no. 1 consultant Enterslice. Our team of experts will help you obtain the MSME registration in a very few time and at a fair price.
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