MSME Registration:

MSME Registration

Small scale industries play a vital role in the socio-economic development of India. To promote and encourage these small-scale industries, the government of the country created the MSMED Act. The Act was created to maintain a list of all the industries registered as MSME or SSI. The record aided in providing support and incentives to these firms. Furthermore, SSI helped in employment of people at little capital investments. All these entities should possess certificate of MSME registration, which should be registered with the Central Government’s MSME department under the Act of MSME Development- 2006

The MSMED Act includes: 

Small Scale Industries (SSI) Micro, Small and Medium Enterprises (MSME) 

Different sectors have different limits for registering under the act. 

To avail the numerous benefits from the Government of India, an SSI registration certificate is needed. It is an optional registration but the companies that get registered are eligible for:

  • Lesser interest rates
  • Excise exemption scheme
  • Subsidies in tax, capital investment and power tariff
  • Other support

Benefits In the banking sector, if you need to avail the benefits of the MSMED Act of 2006, you will have to opt for MSME registration. When you register your firm with Udyog Aadhaar , the business can leverage many schemes initiated by State and Central Government. In addition to this, for availing the MSMED Act 2006 benefits in the banking sector, MSME registration becomes mandatory. 

  • Refrain from asking for security deposits
  • Concession in the electricity bills
  • Increased chances of winning government tenders
  •  Reduction in fee for filing patents and trademark registration to get protection under the rights of intellectual properties.
  • Easy and cheaper bank loans
  • Reservation benefits
  • Stamp duty and registration charges are waived off
  • Reimbursement under the bar code registration
  • Industrial promotion subsidy

Small scale industries play a vital role in the socio-economic development of India. To promote and encourage these small-scale industries, the government of the country created the MSMED Act. The Act was created to maintain a list of all the industries registered as MSME or SSI. The record aided in providing support and incentives to these firms. Furthermore, SSI helped in employment of people at little capital investments. All these entities should possess certificate of MSME registration, which should be registered with the Central Government’s MSME department under the Act of MSME Development- 2006