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Oct 16
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Posted by:MyEfilings
MSME Registration in India

What is MSME?

MSME is Micro, Small and Medium Enterprise. The MSMEs are backbones of any economy. Generally the MSMEs are small labour oriented businesses. The Government of India provides various assistances to the MSMEs through its schemes and subsidies. MSME in India is governed by Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). To avail the benefits of MSME, a business needs to be registered as MSME. A MSME Registered business is eligible for certain benefits like lower rate of interest, tax subsidies, power subsidies etc.

Who is classified as MSME?

MSME classification in India is based on investment in Plant and Machinery or Equipments of business. The threshold limits of service sector and manufacturing sector are mentioned below

 

Service Sector

Manufacturing Sector

Micro Enterprise

Investment in equipments of less than Rs 10 lacs

Investment in Plant and Machinery of less than Rs. 25 lacs

Small Enterprise

Investment in equipments of less than Rs. 2 crores

Investment in Plant and Machinery of less than Rs. 5 crores

Medium Enterprise

Investment in equipments of less than Rs.5 crores

Investment in Plant and Machinery of less than Rs. 10 crores

What are benefits of MSME Registration?

Both the Central Government and State Governments provide various types of help to the Micro, Small and Medium Enterprises. Priority sector landing, lower interest rate, power subsidy, capital investment subsidy etc are the benefits offered to name few. The benefits of MSME Registration are discussed in detail in our article Benefits of MSME Registration.

How to register under MSME?

The MSME Registration process is very simple and 100% online. There is no Government Fees for MSME Registration. MSME Registration can be obtained by simply filling up form and NIC Code online. On submission of documents, you will get provisional certificate of registration. This provisional certificate for MSME Registration is valid for a period of 5 years.

Documents required for MSME Registration

MSME Registration is Adhar based registration. Adhar Card is the mandatory document for MSME Registration. Besides Adhar Card, you need proof of address of business, proof of identity of Proprietor/Partners/Directors, Certificate of Incorporation in case of LLP or Company, details of Bank Account etc.

MyEfilings can help you to get your MSME Registration easily. 



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