MSMEs or Micro, Small, and Medium Enterprises are the backbone of India’s economy, contributing significantly to its growth and development. In order to support and promote the growth of these enterprises, the Indian government has introduced several schemes and initiatives, including MSME registration. Here are the features of MSME registration in India:
The first and foremost feature of MSME registration in Chennai is the definition of MSMEs. As per the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, there are two categories of MSMEs based on investment in plant and machinery or equipment, as well as turnover.
These are the smallest entities, and in order to qualify as a micro-enterprise, it should have an investment of up to INR 1 crore and an annual turnover of up to INR 5 crore. It can get MSME registration in Chennai.
To qualify as a small enterprise, the investment should be up to INR 10 crore and the annual turnover should be up to INR 50 crore. It can get MSME registration in Chennai.
Medium enterprises have investments up to INR 50 crore and an annual turnover up to INR 250 crore. It can have MSME registration in Chennai.
The MSME registration procedure is fairly straightforward. Even if you want, you can choose to register your MSME online. Therefore, to obtain the MSME registration certificate without difficulty, follow the steps listed below.
MSME registration in Chennai comes with several benefits such as access to credit on easier terms, protection against delayed payments, and access to various government schemes and incentives.
MSMEs enrolled under Udyam Enlistment are additionally qualified for need area loaning, which can assist them with getting to credit at lower financing costs.
In order to avail the benefits of MSME registration in Chennai, businesses have to register themselves under the Udyam Registration portal, which was introduced in July 2020.
This registration can be done online, and the process is completely paperless. The registration is free of cost and requires basic information such as Aadhaar and PAN details of the owner and business.
Once you get MSME registration in Chennai is valid for a lifetime, and there is no need to renew it. However, businesses need to update their information periodically, failing which the registration can be cancelled. The government has also introduced a system for self-declaration of the enterprise’s details, which can be done annually.
The government has introduced a composite criteria for classification of MSMEs, which takes into account both investment in plant and machinery or equipment and turnover.
This has simplified the process of classification and has made it easier for businesses to have MSME registration in Chennai.
In line with the government’s objective of improving the ease of doing business, the Udyam Registration portal has been designed to be user-friendly, with an emphasis on simplifying the process of MSME registration in Chennai.
This has helped MSMEs save time and resources that would have been otherwise spent on bureaucratic procedures.
As of May 2023, the MSME registration process in India remains unchanged since the previous update provided in 2021. Businesses can still register themselves online under the Udyam Registration portal, and the process remains free of cost and paperless.
The benefits of MSME registration in Chennai, such as access to credit on easier terms, protection against delayed payments, and access to government schemes and incentives, continue to be available to registered MSMEs.
However, it is important to note that the Indian government has been taking various steps to further promote the growth of MSMEs in the country.
In March 2022, the government announced a new scheme called the ‘Atmanirbhar Krishi Samriddhi Yojana’ aimed at promoting the growth of MSMEs in the agricultural sector.
The scheme provides financial assistance to MSMEs involved in the production, processing, and marketing of agricultural products.
Moreover, in its Union Budget 2022-23, the Indian government announced several measures aimed at promoting the growth of MSMEs, such as a reduction in the corporate tax rate for small companies and an increase in the allocation for the MSME sector.
The government also announced the launch of a new portal called ‘Champions Control Rooms’ to help MSMEs resolve their grievances and concerns.
From the above discussion, it is pretty clear that the MSME registration certificate is very important to all small businesses. Additionally, the procedure for MSME registration in Chennai is straightforward.
On the Udyog Aadhaar website, anyone who wishes to obtain the MSME registration can directly submit an online application.
He or she can fill out the form there and attach the necessary documents. Additionally, inside 2-3 working days, the candidate will get the enlistment number and can download the registration certificate.
The registration process is online and free of cost, making it easier for businesses to register themselves and take advantage of the benefits offered. With the government’s continued efforts to improve the ease of doing business, MSMEs are expected to play an increasingly important role in India’s economic growth in the coming years.
In conclusion, MSME that has MSME registration in Chennai is a valuable initiative introduced by the Indian government to support and promote the growth of MSMEs in the country.
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