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SSI/MSME/Udyog Aadhar Registration
What is SSI MSME registration?
MSME registration is necessary to receive benefits from the Central Government, State Governments and Banking Sector under the MSMED Act. MSME is a shorthand for micro, small, and medium enterprises. This includes any business that falls into any of these categories. Over the past five decades, the Micro, Small and Medium Enterprises sector (MSME) has become a vibrant and dynamic part of the Indian economy.
The Government of India has announced some significant relief for MSMEs on 13th May 2020. One of the biggest reliefs is that the Government has revised the definition of MSMe.
The new definitions have eliminated the distinction between manufacturing enterprises and service enterprises, revised the investment criteria upwards, and introduced additional criteria for turnover.
Learn Now: “How To Start A Micro Business In India?”
What is the revised definition of MSMe?
The new definition for MSME is:
Micro Enterprise: Small manufacturing and service enterprises that have an investment of up to Rs. 1 crore or a turnover up to Rs. 5 crore are classified as micro enterprise.
Small Enterprise: The investment criteria for small enterprises has been increased to Rs 10 crore, and the turnover criteria to Rs 50 crore.
Medium Enterprise: These are enterprises with an investment of up to 50 crore rupees and a turnover up to 250 crore rupees.
The new definition is beneficial to all MSMes, since they do not have to worry about their size growing. They will still get a number of benefits that they would otherwise receive as an MSME.
The Government of India should be commended for this new definition of MSMe. It will help promote the Atma Nirbhar Bharat Abhiyan.
MSME registration is available to Micro, Small and Medium-sized Enterprises in the Manufacturing and Service Sector. MSME and SSI are used interchangeably.
The MSME registration, though not mandatory, is still beneficial to businesses as it allows them to access a variety of benefits, including lower interest rates, tax incentives, power tariff subsidies and other forms of support. Our e-Xpress services can be used to get SSI registration / MSME within one day.
Benefits of SSI MSME registration
Micro Enterprises
The smallest entity is the micro enterprise. Micro manufacturing and service enterprises are those with an investment less than up to Rs. 1 crore, and a turnover of up to Rs. 5 crore
Small Enterprises
Micro enterprises are smaller than small enterprises. Small manufacturing and services enterprises can have investment up to Rs 10 crore, and turnover of up to Rs 50 billion
Medium Enterprises
Small businesses are smaller than medium enterprises. The medium manufacturing and services enterprises can have between investment up to Rs 20 crores and turnover up Rs 100 crores.
Registration
SSI Registration or MSME registration is not compulsory. It is recommended that all micro, small, and medium businesses obtain this registration due to its many benefits. Manufacturers and traders can also apply for the same.
Major Benefits
The main benefits of SSI/MSME registration are the cheaper and faster bank loans, easier access to credit, tax refunds, cheaper infrastructure including electricity exemptions.
No-Return Filing
Once issued, the MSME Certificate is valid for life. The MSME Certificate is valid for a lifetime. It is not subject to periodic reporting.
Documents for SSI MSME Registration
Aadhaar card
PAN card
Address of Business
Bank A/c no.
GST no.
FAQs of SSI MSME Registration
Who can apply for MSME registration?
Anyone with a valid Aadhaar number can apply online for MSME registration.
How long is the validity of an registration certificate?
The validity of a provisional registration is two years, starting from the date it was issued. If the Unit has not been established within two years, a candidate may apply again and receive a new registration. The permanent registration is valid for life.
How do you calculate the value of machinery and plant?
The MSMED Act and the rules that follow are used to calculate the value. However, the original value of the plant and machinery must be considered when computing the value.
Does SSI/MSME registration require or allow voluntary registration?
Only to receive subsidies and benefits is the SSI registration required. This is a completely voluntary process. It is recommended that SMEs obtain this certification due to its many benefits.
Can MSME registration be revoked?
The following are some of the ways that a Micro, Small and Medium Enterprise can be in violation of the law. This will result in its deregistration.
a) It exceeds the investment limits.
b) Starts manufacturing new items or products that require an industrial licence or any other kind of statutory licensing.
c) The undertaking does not meet the conditions of being controlled, owned or a subsidiary by another industrial undertaking.
Will a physical copy of the Certificate be issued?
No physical copies of MSME Certificates will be issued in the interest of the Environment. The government is committed to paperless work.
Does Aadhaar number have to be provided for online registration of MSMEs?
Aadhaar number is required for MSME Certificate
Can I apply for MSME Certificate myself?
You can do this by visiting the Government website. You can do it for free.
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