MSME Registration

MSME Registration In India

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What is MSME Registration?

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME’s are the backbone of the economy.

The MSME sector is regarded as the Indian economy’s backbone, which has made a huge effect on the country’s socio-economic growth. It creates jobs and works in the growth of rural and backward regions. In India today there are 6,08,41,245 MSMEs according to Government’s annual report for 2018-19. Let us address some of the basics of MSME for your comprehension, including its ranks, characteristics, role and meaning in India’s socio-economic growth. 

MSMEs manufacture and produce a variety of domestic and foreign goods. MSMEs contribute in collaboration with the related ministries, state governments and stakeholders to promote the growth and production in the Chadi, Village and Coir industries. The Government of India set up the National Board for Micro , Small and Medium Enterprises (NBMSMEs), to explore factors that influence promotion and growth of MSMEs, under the micro , small and media enterprises development Act of 2006. This Board also reviews current policy and proposes government proposals on the development of the MSME industry.

Benefits of MSME Registration

Easy Loan Approval

Government has introduced various opportunities for MSME/SSI that allow them to avail loan without collateral. This is by far the best MSME registration benefits for small business owners.

Subsidy on Patent Registration

A strong 50 per cent subsidy for patent registration is granted to company undertakings registered under the MSME Act. This can be used by submitting a letter to the ministry concerned.

Concession on Electricity

The MSME Act allows corporations to make use of a concession on energy bills, as one of the best MSME registration bonuses. They merely have to apply the bills, along with a request and a copy of the certificate registered by MSME.

Overdraft Facility

Companies or organizations incorporated under the
MSME / SSI Act are allowed, under the Loan Guarantee
Trust Fund, to gain 1% of the overdraft. It will range from
bank to bank, though.

Documents Required For MSME Registration

Sale Bill

Business is required to submit copies of Sale Bill and Purchase Bill​

Address Proof

Allotment letter, lease deed, Rent receipt, NOC, etc

MOA / AOA

You need to submit a partnership deed if it is a ​partnership firm

Licenses and Bills

Submit a copy of Licenses and Bills if Machines are Purchased

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What are MSME Enterprises?

MSME processing firms may be separated into amounts spent in equipment and plants

Micro enterprises

Entities investing less than ₹ 25 lakhs

Small enterprises

Entities investing between ₹ 25 lakhs and ₹ 5 crores

Medium enterprises

Entities investing between ₹ 5 crores and ₹ 10 crores

Frequently Asked Questions (FAQs)

As per GST law, following conditions need to be fulfilled for transacting with GST : For businesses getting an annual turnover of over more than Rs 20 lakh in a financial year ( Rs 10 lakh for North eastern and hill states)
Govt. of India Development Commissioner (MSME) Ministry of Micro, Small & Medium Enterprises
  • Food Products.
  • Basic Metal Industries.
  • Chemical & Chemical Products.
  • Metal Products.
  • Electrical Machinery & Parts.
  • Machinery & Parts Except Elecetrical goods.
  • Rubber & Plastic Products.
  • Hosiery & Garments – Wood Products., etc.
Government of India enacted Micro, Small and Medium Enterprises Development Act, 2005 (MSME Act) under which classification of micro, small and medium enterprises (MSME) was dependent on two factors:
(i) investment in plant and machinery; and
(ii) turnover of the enterprise.
For a limited MSME, their investment cap from Rs 5 crore to Rs 10 crore, which has a revenue of less than 50 crore, is increased. The investment limit has been increased. This applies to all MSMEs, including the service firms that previously had Rs 2 crore invested. Medium units. Medium units.
MSME covers only manufacturing and service industries. Trading companies are not covered by the scheme.
MSME registration is not mandatory but it is always suggested to small and medium enterprises to get it done as it provides a variety of benefits.

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