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Udyam Registration

MSME udyog aadhar registration has been replaced by Udyam Registration with effect from 1st of July 2020 as per the notification dated 26th of May 2020. The Ministry of Micro small and medium enterprises notified certain criteria for classifying

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Introduction

MSME Udyog Aadhar registration has been replaced by Udyam Registration with effect from 1st of July 2020 as per the notification dated 26th of May 2020.

The Ministry of Micro Small and medium enterprises notified certain criteria for classifying the enterprises as micro, small and medium enterprises and also specified the form and procedure for filing the memorandum, for both new and existing with effect from 1st of July 2020.

Classification of MSME

Micro means

For Manufacturing and service sector both

 

Micro means an enterprise where investment in plant and machinery does not exceed 1 crore and Turnover does not exceed 5 crores.

 

Small Means

For Manufacturing and service sector both

 

Micro means an enterprise where investment in plant and machinery more than Rs.1 crore but does not exceed Rs. 10 Crore  and Turnover does not exceed 50 crore

 

Medium means

For Manufacturing and service sector both 

 

Micro means an enterprise where investment in plant and machinery more than Rs.10 crore but does not exceed Rs. 20 Crore  and Turnover does not exceed 100 crore


The calculation of investment in plant and machinery or facilities would be based on the previous year's Income Tax Return (ITR), filed under the Income Tax Act, 1961. The above notice further clarifies that all tangible properties other than land and building & furniture and fittings must be included in the plant and machinery.

 

All units listed against the same Permanent Account Number (PAN) with Goods and Services Tax Identification Number (GSTIN) shall be collectively considered as one entity for turnover calculation and investment for category determination as micro, small or medium enterprise.

 

 Any person wishing to create a micro, small or Medium-sized enterprises can file Udyam online in the Portal of Udyam Registration, based on self-declaration with No requirement to upload documents, documents, certificates or Proof. An enterprise (referred to as "Udyam") on registration in the permanent Udyam registration portal is assigned Identity number to be called "Udyam Registration' number. E-certificate, namely "Udyam Certificate of Registration" Is issued once the registration process is complete

 

 

 

Benefits of registration

a. Helps in getting a bank loan

The Government of India has made collateral-free finance facilities to the small and micro business entities. Banks and other money-related organizations, perceive MSMEs, have made excellent schemes for them. This more often than not removes the need for segment loaning, which implies a high likelihood of a credit being supported by your company and lower cost of bank financing.

 

b. Subsidy on Trademark registration and Patent registration

The government provide 50% of subsidy on the registration fee of trademark or patent registration on holding MSME certificate

 

c. Exemption on overdraft interest

Business registered under MSME will avail the exemption on the interest rate of OD which will differ bank to bank

 

d. Eligible to avail subsidy on industrial promotion

Business registered under MSME will get subsidy can for business promotion

 

e. Tax benefit

In the initial years of your company, you can enjoy an excise benefit scheme, as well as exemption from some direct taxes.

 

f. Government Tender filing

NSIC registered organization gets preference while seeking government tender and for NSIC Registration MSME is compulsory, indirectly MSME helps in seeking government tenders.

 

g. Concession on Electricity bill

 

  1. h. Reimbursement of ISO certification charges. ect

Registration process

a. Application for registration will be available on the Udyam registration portal

 

b. Enter your Aadhar number, Aadhar number of the proprietor in case of proprietorship business, Partners or manager in case of other forms of business.

 

c. In the case of company and LLP or trust or society, the organization shall provide its GSTIN and PAN along with its manager Aadhar

 

d. After entering the Aadhar detail the form will pop up and fill the all detail related to the organization and submit the form.

 

e. After submission, the organization will get a Udyam registration number.

 

f. No enterprise shall file more than one Udyam registration if any organization intentionally misrepresent or attempt to suppress the self-declaration facts and figure on registration or updation shall be liable to such penalty as specified under section 27 of the Act.

Registration of Existing Enterprises

All the registered entity which has UAM number or registered under Udyog Aadhar registration shall register again on Udyam registration portal on or after 1st of July 2020

 

All enterprise registered till 30th of June 2020 shall be classified in accordance with this notification

 

The registered enterprise registered prior to 30th of June 2020 will remain valid for a period up to the 31st day of March 2021

Updation of Information and classification of Transition period

An organization with Udyam registration number shall update through Udyam Registration system online database like details of ITR and GST Return for the preceding financial year, and Other additional information on self-declaration basis, as may be required. On the basis of information received or obtained from the Government Sources like the ITR or GST return, the enterprise is required to be updated

Failure of updation may lead to suspension of its MSME status.

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