MSME lawyers in Pune

MSME (Micro, Medium, and Small Enterprises) account for more than a third of India's GDP and employ over 110 million people.

Small businesses, on the other hand, are particularly vulnerable to financial instability during economic downturns, when demand falls and the business cycle slows.

The government has revamped Udyog Aadhaar into the new Udyam registration scheme in order to bring India's SMEs together under one roof and provide them a variety of benefits.You can apply for the Udyam registration system, which is a new online registration scheme if you operate a small business.

Any organization that falls within the MSME category is eligible to register.EligibilityEach MSME category has a single investment and turnover-based eligibility requirement.

Microbusinesses must invest less than Rs 1 crore and generate less than Rs 5 crore in revenue.Small businesses must have a turnover of less than Rs.50 crores and an investment of less than Rs.10 crores.Medium-sized businesses must invest less than Rs.50 crores and have a turnover of less than Rs.250 crores.

If your company meets any of the two requirements, it will automatically be assigned to the higher category.

 MSME, which stands for Micro, Small, and Medium Enterprises, serves as the supporting structure of the Indian economy.

It provides the necessary resilience to our economy against global adversities.Currently, MSMEs in India have a contribution of 6.11% and 33.4% in the manufacturing GDP and manufacturing output respectively.

They also employ 120 mn individuals in India, contributing around 45% of total exports from India.Becoming a part of the MSME registration online in India requires MSME registration.

Irrespective of whether a company falls into the manufacturing or service sector, they need to get MSME registration done as defined in the MSME act.What is the MSME registration process?Companies need to get the MSME registration done online using the portal udyam registration.gov.in.

Their registration is done under two broad categories, which are:MSME registration for entrepreneurs who are not yet registeredRegistration for those who have already done MSME registration as EM-II or UAM (Udyog Aadhar Memorandum)What are the benefits of MSME registration?MSME registration in India makes it easier for individuals to avail bank loans at interest rates that are comparatively lower than regular loans.Businesses that have obtained an MSME certificate become eligible for tax exemption under the MSME Act.Registered MSMEs are more preferred for various licenses and certificates issued by the government.By getting the MSME registration done, an enterprise gets easy access to loans and credit facilities.A registered MSME also gets compensation for the expenditure incurred for ISO certification.It also enables the allowed credit for MAT (Minimum Alternate Tax) to be carried forward for fifteen years (10 years otherwise).Post MSME registration, the total cost of product patent or setting up an industry goes down because of several concessions and rebates.It helps acquire government tenders easily.

This is because of the integration of the Udyam registration portal with the government e-marketplace which provides easy access to e-tenders.What are the documents required for MSME registration?The business entity has to submit several documents which are required for MSME registration.

MSME Registration process and benefits details are updated onMSMEstory.