Download Udyam Registration Process & MSME Classification PDF
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|File name||Udyam Registration Process & MSME Classification PDF|
|No. of Pages||11|
|File size||327 KB|
|Date Added||Jul 1, 2023|
Udyam Registration Process & MSME Classification Summary
The Udyam Registration process and MSME classification are essential for businesses in India to avail themselves of various benefits and support provided by the government. Here is an overview of the Udyam Registration process and MSME classification:
- Udyam Registration Process:
- Udyam Registration is an online process initiated by the Ministry of Micro, Small, and Medium Enterprises (MSME) in India.
- It is a simplified registration process aimed at facilitating ease of doing business for small and medium enterprises.
- The registration is entirely online, and the Udyam Registration portal is available on the official website of the MSME Ministry.
- To register, businesses need to provide their Aadhaar number, PAN number, and other basic details.
- Upon successful registration, a unique Udyam Registration Number (URN) is provided to the business.
- The registration is free of cost, and businesses can update their information as and when required.
- MSME Classification:
- The MSME classification is based on the investment in plant and machinery or equipment and turnover of the business.
- The government has revised the MSME classification in 2020 to provide a more inclusive and growth-oriented framework.
- Earlier, the classification was based on the investment in plant and machinery. However, the new classification includes turnover as a criterion as well.
- Micro, Small, and Medium enterprises are classified based on the following criteria:
- Micro Enterprises: Investment up to Rs. 1 crore and turnover up to Rs. 5 crore.
- Small Enterprises: Investment up to Rs. 10 crore and turnover up to Rs. 50 crore.
- Medium Enterprises: Investment up to Rs. 50 crore and turnover up to Rs. 250 crore.
- The classification helps businesses access various benefits and incentives provided by the government, such as financial assistance, subsidies, priority sector lending, access to government schemes, and more.
It is important for businesses to complete the Udyam Registration process and classify themselves under the appropriate MSME category to avail themselves of the benefits and support provided by the government for MSMEs. The registration and classification process is aimed at promoting the growth and development of small and medium enterprises and fostering a conducive business environment in India.