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MSME registration

Do you want to get the maximum benefits for your enterprise? If yes, then MSME registration is the best option. It is not mandatory. But, it provides you many benefits. If your enterprise is registered under MSME Registration then it provides various benefits such as eligibility for lower rates, tax subsidies, capital investment subsidies, excise exemption scheme and power tariff subsidies.

For promoting and supporting MSME , the Government of India has given various subsidies, schemes and incentives through the MSMED act. So, to take the benefits under MSME ACT from the Government, the registration of MSME is necessary.

The MSME is related to the micro, small and medium enterprises which are the backbone of economy and a mechanism of economic growth. MSME enterprises in both manufacturing and service sector that need to get MSME registration under the MSMED act.

Benefits of MSME registration

• If you have MSME registration then you are able to take bank loans at very cheap rates. The rate of interest is very low.

• There are many tax rebates provided to MSME.

• MSME has enabled that credit for minimum alternate tax to be carried forward for up to 15 years instead of 10 years.

• There are some government tenders which are only provided to MSME industries.

• MSME enterprises get easy to access the credit.

• Enterprises that are registered under MSMED act have provided higher preference for government license and certificate.

• In registration there is one time settlement fee for non-paid amounts of MSMEs.

Registration process

• To get registration under MSMED act, the small and medium sized enterprises need to fill a single form which he can do online as well as offline.

• If any person wants to get registration for more than one industry then he/she should also do registration for individual registration.

• The various documents are required for registration process which includes aadhar number, industry name, address, bank account details and other important documents.

• An individual should need to provide self-attested certificates.

• Any registration fee is not required for this process.

• When all details are filled and upload successfully then you would be getting the registration number.

Important documents needed for MSME registration

The business owner has to submit some important documents including business address proof, copies of purchase and sale of bill, and licenses from regulatory bodies.

• Business address proof: if the enterprise is self-owned then allotment letter, possession letter and property tax receipt have required. If the enterprise is rented then rent receipt with no objection certificate from landlord is needed.

• Copies of sale and purchase bill: business entity has needed to submit copy of sale bill related to each product that it will supply by the company. They also need to submit a copy for raw material that it will purchase.

• Partnership deed, MOA or AOA: if the premise is partnership firm then they have to submit partnership deed. If the firm has registered then they need to submit registration certificate also and if the entity is company then they have to submit a copy of MOA or AOA.

• Copy of licenses and bills of machinery purchased: in some cases, the business owner has to submit a copy of industrial license that is to be obtained by giving a application to Government of India.

These are the main documents which are required for the registration process.

So, MSME registration provides many benefits to your business. It is not mandatory but it promotes the over-all development. You can also get registered through online process.

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