Do you own and/or operate a Micro, Small, or Medium Enterprise (MSME)?
Consider registering for MSME Udyam Registration
But before you do, check out our guide below!
What is Udyam Registration?
Enlistment of Udyam assumes an essential job, especially for little and medium-sized ventures across India. It is discovered that the general financial development of a country is to a great extent subordinate to its little and medium-sized ventures.
Udyam Online Registration gives business people and entrepreneurs in India to take unbelievable advantages under the Indian Government’s current MSME program. One of the key advantages of enlistment is that both your business and focal government business plans can be handily joined into the state. On the off chance that any business needs to exploit these administration-run plans, they need to experience the enrollment procedure that is basic.
This 19 Digit Udyam No. (i.e. UDYAM-XX-00-0000000) identifies your MSME as a unique business entity and offers a number of benefits.
What are the benefits of Udyam Registration?
Udyam Registration provides a number of unbeatable benefits for MSME such as:
• Subsidy and tax relaxation/exemption
• Subsidies on capital investment
• 1% exemption on the interest rate on overdraft
• Access to government projects (tenders)
• Easy access to credit
With Udyam Registration, you will get a 50% discount on trademark registration and a concession on your business electricity bills. You can easily open a current account or get a loan, get faster approvals on various licenses and registrations, and most importantly – enjoy greater recognition in the market and among potential customers.
Which companies are eligible to apply for Udyam Registration?
a) Microenterprise: where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;
b) Small enterprise: where the investment in the plant does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and
c) Medium enterprise: where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two and fifty crore rupees
The process to Register Udyam Registration
1. Aadhaar number shall be required for Udyam Registration.
2. The Aadhaar number shall be of the proprietor in the case of a proprietorship firm, of the managing partner in the case of a partnership firm, and of a Karta in the case of a Hindu Undivided Family (HUF).
3. In case of a Company or a Limited Liability Partnership or a Cooperative Society or a Society or a Trust, the organization or its authorized signatory shall provide its GSTIN and PAN along with its Aadhaar number.
4. In case an enterprise is duly registered as an Udyam with PAN, any deficiency of information for previous years when it did not have PAN shall be filled up on a self-declaration basis.
5. No enterprise shall file more than one Udyam Registration: Provided that any number of activities including manufacturing or service or both may be specified or added in one Udyam Registration.
6. Whoever intentionally misrepresents or attempts to suppress the self-declared facts and figures appearing in the Udyam Registration or update process shall be liable to such penalty as specified under section 27 of the Act.
MyTaxguru offers an easy process to register for Udyam Registration at an affordable cost!