Register your MSME Under Udyam

Notification - Now its mandatory to register your MSME certificate under Udyam and link your Company Pan card and GSTIN number with MSME before 31st march 2021 to avoid auto cancellation of your certificate 

What's MSME  - MSME is intiative from Govt of India to support startup of India

Revised Classification applicable w.e.f 1st July 2020
Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover
Classification	Micro	Small	Medium
Manufacturing Enterprises and Enterprises rendering Services	Investment in Plant and Machinery or Equipment: Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore	Investment in Plant and Machinery or Equipment: Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore	Investment in Plant and Machinery or Equipment: Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore

BENEFITS OF MSME  

1. Easy availability of Loan  Every MSME whether in manufacturing sector or service sector is entitled to collateral or mortgage free loan from Bank for an amount up to Rs. 1 Crore through SIDBI under Credit Guarantee Scheme
2. Gov Procurement Priority Central or state government departments have been mandated to extend priority treatment to MSME while procuring goods or services for the consumption of goods or services for public purposes.
3. Low-Interest Overdraft While availing bank overdraft facility from a bank, MSME has a reason to smile as Banks need to offer 1% less interest rate on the overdraft extended to the MSME which is registered with Udyog Aadhar.
4. Concessional Electricity TA registered MSME can avail concessional rate of electricity for their unit by making a written application along with the certificate issued after registration as MSME ( Udyog aadhar) to the electricity department.
5. .Speedy Recovery of Dues The MSME is required to be paid as per the agreement between parties or within 45 days if there is no understanding between them. Failure entitles the MSME for an interest which is three times the bank rate
6.  Rebate in Taxes MSME registered under the MSMED Act, 2006 is eligible for many tax incentives and exemption both under the Direct Taxes and Indirect Taxes including GST such as capital gain subsidy schemes under income tax act.
7. 50% discount on IP Protection While filing the trademark application in any class or multiple class, the MSME enjoys 50% less fee of filing in comparison to other corporates or firm. Similarly while filing patent 50% discount is granted to the MSME
8. MSME Conciliation Centre For faster resolution of disputes where MSME is struggling to recover money from other persons, there is a provision of MSME reconciliation centre which may provide for a speedy resolution of dispute and faster recovery

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