Govt. Announced New Schemes For Business Registering Known As Udyam Registration

Top Quote The Ministry Of MSME has announced new schemes for registering MSME which is known as Udyam Registration from 01-07-2020. Here are the benefits you need to know for registring your business. End Quote
  • (1888PressRelease) July 07, 2020 - Meaning
    MSME stands for Micro, Small, and Medium Enterprises. According to the definition the MSME enterprises are classified into two divisions.
    Service enterprises which is engaged in providing or rendering services
    Manufacturing enterprises are those enterprises which are engaged in the manufacturing or services of goods in any industry

    Govt. Of India has announced that previously, known as MSME/ Udyog Adhaar registration will now be known as Udyam Registration from 01/07/2020 .Udyam Registration will provide a unique number for your business to register under the new benefits.

    Udyam Registration benefits
    1.Udyam registration helps in getting government tenders

    2.The loans for businesses financed by the bank has become cheaper as the interest rate is very low (Upto 1.5% lower than interest on regular loans due to the Udyam,

    3.There are various tax rebates available for Udyam registration.

    4.Enterprises which are registered under Udyam are given higher preference for government license and certification. Because of udyam,it became easy to get licenses, approvals and registrations, irrespective of field of business. They get easy admittance to credit in lower interest rates.

    5.Registered business under Udyam gets tariff subsidies and tax and capital subsidies
    The cost of getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available, once registered under Udyam

    Documents Required For Udyam Registration
    1.Aadhaar number is must for Udyam Registration.
    2.The Aadhaar number should belong to 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.Its GSTIN and PAN together with its Aadhaar number, in case of a Company or a Limited Liability Partnership or a Cooperative Society or a Society or a Trust, the organisation or its authorised signatory should be provided
    4. In case of an enterprise which is already registered as an Udyam with PAN, any insufficiency of information for previous years when it did not have PAN shall be filled up on self-declaration basis.
    5.Udyam Registration shall not be filed more than once. Given that any number of activities including manufacturing or service or both may be specified or added in one Udyam Registration.
    6.Whoever willingly or unintentionally misrepresents or conducts to suppress the self-declared facts and figures appearing in the Udyam Registration or updation process shall be liable to such penalty as specified under section 27 of the Act.

    Why Udyam?
    1.The Ministry has shown confidence that this process will be extremely simple, coherent entrepreneur friendly.

    2.Also they have said that it will benefit in Ease of Doing Business, not only in India but internationally.

    3.It will reduce execution time and costs.

    4.Entrepreneurs and Enterprises can focus on their real work instead of doing paperwork for their business and become globally competitive.

    For more information visit our site.

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