The Micro, Small and Medium Enterprises (MSME) are considered as a very significant piece of India’s legacy economic model and a part of the critical supply chain for products and services. This sector is the job creator as well as play a crucial role in providing large-scale employment and industrialization of rural and backward areas.
Although getting MSME online registration is not mandatory but it is always suggested to small and medium enterprises to get it done it provides a variety of benefits. Benefits such as rate of interest charged would be very less, tax subsidies, capital investment subsidies and much other support from the government sector.
Startups Helpline can help your business to obtain MSME Registration online to avail a host of benefits. MSME online registration or SSI online registration can be done through Startups Helpine in Delhi NCR, Mumbai, Bengaluru, Chennai & all other Indian cities.
Registered MSMEs are eligible to get unsecured loan upto Rs. 200 lakhs under CGTMSE schemes. Further the MSE are also eligible to get the subsidized loan / interest subvention.
If the buyer delays the payment for more than 45 days after accepting the products or services then the buyer has to pay interest on the amount that was agreed to be paid. The interest rate is three times the rate that is notified by the Reserve Bank of India.
Businesses and enterprises registered as MSMEs can avail a benefit of 1% on the Loan in a scheme that differs from bank to bank.
Registered MSMEs are eligible for subsidies for Industrial Promotion as provided by the Government.
Registered MSMEs can claim reimbursement of the expenses that were made in order to obtain an ISO certification.
MSMEs registered with the MSME ministry stand to benefit from a 50% subsidy on their patent registration fees.
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Registration for Udyam registration can be done online on the official website of Ministry of MSME free of cost at following address : https://udyamregistration.gov.in/Government-India/Ministry-MSME-registration.htm
Udyam registration is required for the Micro. Small or Medium Enterprise (MSME) to self-certify its existence, provide bank account details, provide promoter/owner's Aadhaar details and other minimum basic information required for availing benefits
By filing for Udyam registration, every enterprise is protected by MSMED Act 2006 to ensure timely payment in respect of supply of goods or rendering of services to any buyer.
The time taken to issue a Udyam registration is instantaneous if all the mandatory fields in the form are filled correctly. This is because it is an online process based on self-certification
As per the MSMED Act, if the buyer has purchased goods or availed services from an MSME which has filed Udyam registration, then the buyer shall make payment on or before the date agreed upon between him and the supplier in writing. The Act further stipulates that if the period between the buyer and supplier is agreed in writing, such period shall not exceed 45 days from the day of delivery of goods or rendering of services.
The Ministry of MSME had in September 2015 notified Udyog Aadhaar, where the objective would be to simplifying procedures to start a business with a single-page registration form. A large number of enterprises in India were not registered due to the cumbersome paperwork involved in the process and, therefore, could not tap the government schemes for them. The concept of Udyog Aadhaar and ease of registration ensures wider coverage of MSMEs to avail the benefits under various Schemes of Central/ State governments.
This is an act for facilitating the promotion and development and enhancing the competitiveness of Micro, Small and Medium Enterprises and for matters connected therewith or incidental thereto
"Sec. 15 talks about Liability of the buyer to make payment to Micro and Small Enterprise for goods supplied or services rendered by them to buyer. As per this section payment has to be made within such period as agreed between buyer and seller which should not exceed 45 days in any case. Again as per Sec. 16 if a buyer fails to make payment as per Sec. 15 he is liable to pay interest which will be computed at monthly rate and compounded int. at the rates which will be three times of bank rate notified by RBI. Further as per Sec. 23, interest paid or payable as per Sec. 16 will be disallowed as deduction while computing income under Income Tax Act, 1961. Sec. 23 is an overriding section. "
MSME is also known as Micro Small & Medium Enterprises
