Udyog Adhar / Udyam Rgistration / MSME
Udyog Adhar / Udyam Rgistration / MSME
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What is MSME / udyam Registration
To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required. MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades.
On 13th may, 2020 Government of India announced some major relief to the MSMEs. And one of the major relief is that the Government Revised the definition of the MSMe as a whole.
Under the new definitions, the distinction between manufacturing and services enterprises has been eliminated and the investments have been revised upwards and an additional criteria of turnover has been introduced.
What is the new & Revised definition of MSMe?
The new definition of MSMe is as follows:
Micro Enterprise: Manufacturing and services enterprises with investments up to Rs 1 crore and turnover up to Rs 5 crore will be classified as micro enterprises.
Small Enterprise: For small enterprises, the investment criteria and the turnover criteria has been revised upwards to Rs 10 crore and Rs 50 crore respectively.
Medium Enterprise: The enterprises which have investment up to Rs 20 crore and turnover up to Rs 100 crore will be termed as medium enterprises.
What You Need To Know
MSME Registration is not mandatory. However, it is advisable for all micro, small and medium enterprises to obtain for its obvious benefits. The same is available for Manufacturers and Traders.
Documents For MSME / UDYAM Registration
Applicant Photo
Shop or Business Address Proof
ID Proof
PAN Card
Adhar Card
Cancelled Cheque