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BENEFITS OF MSME REGISTRATION

BY MSME REGISTRATION

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WHAT IS MSME REGISTRATION

MSME refers to Micro, Small, and Medium Enterprises as well as any business that fits into one of these categories.The Indian economy greatly depends on MSME businesses.The federal government and state governments both provide different sponsorship programmes.

According to the First Schedule of the Industries (Development and Regulation) Act of 1951, a "enterprise" is "any industrial undertaking, a business concern, or any other establishment engaged in the manufacture or production of goods, in any manner specified therein, or engaged in providing or rendering of any service or services."

BENEFITS OF MSME REGISTRATION

➨Benefits of Banks:All banks and other financial institutions recognise MSMEs, so you can easily and quickly apply for a low-interest loan for your company. MSMEs receive loans at an interest rate that is 1% to 5% less than that of typical businesses.

➨State government exemptions:The majority of states offer power, tax breaks, and industrial subsidies to people who have registered their businesses under the MSMED Act.The state specifically exempts them from paying sales tax.

➨Tax advantages:After registering as an MSME, depending on your business, you may be able to take advantage of the excise exemption scheme. In the first year of operation, you may also be exempt from certain direct taxes.The government also offers a variety of subsidies to help traders launch their enterprises, from which they can benefit.

1) Reservation procedures for the industrial and manufacturing industries

➨The SSI (Small Scale Industry) sector's products have a legal reservation in government procurement, as per the Industries (Development and Regulation) Act, 1951.

➨To ensure that small-scale production of consumer items is increased. through establishing small-scale companies in rural locations, to provide employment prospects.

2) Easy to obtain licenses and permits

➨ Businesses that provide the Certificate of MSME Registration when applying to the appropriate authorities for licenses, approvals, and registrations in any area for their operations are given preference, and the procedure has been made easier for them.

3) Special attention should be given to foreign trade shows

➨To provide financial support under the International Cooperation Scheme by reimbursing State/Central Government organizations, industries/enterprises Associations, registered societies/trusts, and organizations linked to MSME for the commissioning of MSME business delegations abroad.

4)Fees for registration and stamp duty are waived.

➨When buying land in government-designated industrial districts for MSMEs, all new industrial units with MSME Registration and expansions would be free from paying Stamp Duty and Registration fees.

5)Direct income tax laws are exempt.

➨According to the terms of the government's scheme and depending on the nature of the business, businesses with MSME Registration are eligible for DirectTax Exemption (Tax Holiday Schemes) during the first year of operation. Also read udyam registration

6)Subsidy for barcode registration

➨According to the programme, businesses with MSME registration are eligible for a bar code registration incentive.

7)NSIC credit ratings and performance subsidie

➨Enterprises having MSME Registration can avail Subsidy on NSIC (National Small Industries Corporation) Performance and Credit ratings as mentioned in the scheme.

8)Eligibility for the IPS subsidy

➨MSME-registered businesses are eligible for the Industrial Promotion Subsidy (IPS).

9) Protection from payment delays

➨MSMEs continuously run the danger of receiving late payments, which disrupts their entire operation.The Supreme Court ruled that any purchaser of products or services from registered MSMEs must make the payment on or before the specified date of payment or within 15 days of the day they accepted the goods or services, in order to protect the registered businesses.

➨After receiving the goods or services, the buyer must make the agreed-upon payment plus interest if the payment isn't made within 45 days.The interest rate is three times what the Reserve Bank of India has announced.

11)Reduced interest rates from Banks

➨When compared to other businesses, an organization with an MSME certification gets a reduced interest rate.The Priority Lending List has been maintained with the MSME sector included. Goals have been established for bank lending to MSEs.

➨The banks must increase credit to micro and small businesses by 20%.There is a 10% annual growth in the number of micro businesses. 60% of the bank's total advances must be allocated to the MSE sector.

12)Reduction in electricity costs

➨By submitting a request to the power department with an MSME Registration Certificate, MSME registered businesses may receive a discount on their electricity bills.

13)Credit-linked system for capital subsidies

➨Upgradation of MSEs" programme is run by the Ministry of MSME.The program's goal is to motivate business owners to invest in cutting-edge equipment and machinery so they can manufacture goods and services that meet high standards around the world.

➨Through this scheme, a 15% capital subsidy (capped at Rs. 15 lakhs) has been made available for this purpose.The scheme allows loans up to a maximum of Rs. 100 lakhs. Currently, the Scheme has certified more than 1500 of the newest, most reliable, and thoroughly tested technologies in 51 sub-sectors.

CONCLUSION

Online completion of the MSME Registration process is a quick and easy process.You can benefit from a number of advantages by registering your company as an MSME, including easy access to funding, lower interest rates, subsidies, and other government programmes. It is crucial to remember that after Obtaining MSME Registration, you must regularly renew it in accordance with the rules.If you wish to conduct business in a straightforward and secure manner, MSME registration is an essential component of your company.To take advantage of the benefits provided by plans and strategies, you can easily apply for the MSME certificate and register your business with the government.To begin, simply adhere to these easy guidelines.

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