Udyam Registration would replace MSME registration, which is also known as Udyog Aadhaar registration. This registration will provide you the added benefit of being able to take advantage of government schemes.
A micro, small, and medium-sized firm (MSME) will henceforth be called Udyam, according to a notification published by the MSME ministry on June 26, 2020. The ministry has also created particular criteria for MSMEs’ categorization, as well as the registration process and the ministry’s support arrangements, during this phase. Exports of products or services, or both, are eliminated when measuring a company’s turnover, whether it is micro, low, or medium, according to the notification. It was also recommended that the registration form be called Udyam Authentication.
Who is eligible to register for Udyam?
Anyone who wants to start a micro, small, or medium-sized business can register for udyam online.
What documents are required for Udyam registration?
- There is no further provision for uploading any documents, credentials, letters, or evidence during the Udyam Registration Online registration process, which focuses on self-declaration.
- For the authentication process, the consumer would just need to provide Business information in addition to their 12-digit Aadhaar Number, Pan Card, and Bank Account.
Registration for Udyam is a simple process:
Step 1: Go to the official website Udyam Registration portal.
Step 2: Fill out the Udyam Registration Form with the requested information and double-check that everything is correct.
Step 3: Create a web payment for your Udyam registration application after you’ve submitted your information.
Step 4: An application for Udyam registration will be processed by one of the registration specialists.
Step 5: Within 1-2 hours, you will receive an email with your Udyam Certificate of Registration.
The Advantages of Udyam Registration:
- The deduction is allowed under direct tax laws.
- Special consideration is given to international trade fairs.
- Reimbursement for patent registration
- Eligibility for the Strategic Strategy Subsidy (IPS)
- Subsidy on Mortgage Loan Interest Rates
- Waiver of the government’s security deposit (EMD) (Useful while participating in tenders)
- a reduction in the cost of electricity
- Secured mortgage loans with collateral
- Subsidy for barcode registration
- In the manufacturing/production sector, there are special favorable reservation policies.
- NSIC payment subsidy based on performance and credit rating
- Permits, certificates, and approvals can all be obtained through this facility.
- Protection against late payments, as well as material and service deliveries
- Expenses such as stamps and processing fees are waived.
- CLCSS is available to Msme registered entities (credit-linked capital subsidy scheme)
- Reimbursement for ISO certification
The deadline for registering for Udyam has passed:
According to the Indian government’s latest notice dated June 26, 2020, all present (old and new) MSME businesses will be registered/converted to fresh Udyam immediately. Each business unit registered under MSME / Udyog Aadhaar / SSI will only be deemed a bonafide MSME until March 31, 2021, according to new government regulations. On or before March 31, 2021, all existing (old and new) MSME companies, industries, and organizations will become Udyam Registered Companies, allowing them to take advantage of the Udyam Benefits.
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In this blog, you will get complete knowledge about all the new schemes of udyam/msme registration launched by the government for msme. I hope this blog will be helpful to you.