To promote the growth of Micro, Small & Medium Enterprises, the government of India gives various concessions and extends financial assistance exclusively to the units or enterprises which qualifies to be a micro, small and medium enterprises. The Micro Small & Medium Enterprises Development Act 2006 makes it mandatory for MSME to register themselves with government and to obtain Udyam for availing benefits provided under MSME Development Act. The terminology like MSME, SSI or Udyam is one and same thing. In other words, there is only one registration which a micro, small and medium enterprises has to obtain and that is Udyam. MSME is the backbone of the modern Indian economy and is considered as the growth engine for equitable and sustainable economic development of the country. Under MSME all kinds of enterprises can obtain registration, like manufacturers the service providers are also eligible for MSME benefits. Hence they are also required to get Udyam Registration.
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From Startup Specialist
An enterprise which is engaged in manufacturing can be classified as a Micro Enterprises in case the total investment in its plant and machinery is less than Rs. 25 Lakhs. However in case the enterprise deals in service sector then the said investment must be less than 10 Lakh, during the financial year.
An enterprise which is engaged in manufacturing can be classified as a Small Enterprises in case the total investment in its plant and machinery is more than Rs. 25 Lakhs but does not exceed Rs. 5 Crores. However in case the enterprise deals in service sector then the said investment must be more than 10 Lakh but must not exceed Rs. 2 Crores.
An enterprise which is engaged in manufacturing can be classified as a Medium Enterprises in case the total investment in its plant and machinery is more than Rs. 5 Crores but does not exceed Rs. 10 Crores. However in case the enterprise deals in service sector then the said investment must be more than 2 Crores but must not exceed Rs. 5 Crores.
An MSME is entitled to many benefits such as a reduction in the fee for the filing of trademark, copyright, patent, and design applications. Further, all government department has to necessarily source their supplies from a MSME. The benefits of the MSME Registration is provided in the following section of this page.
Every MSME whether in manufacturing sector or service sector is entitled to collateral or mortgage free loan from Bank for an amount up to Rs. 1 Crore through SIDBI under Credit Guarantee Scheme.
Central or state government departments have been mandated to extend priority treatment to MSME while procuring goods or services for the consumption of goods or services for public purposes.
While availing bank overdraft facility from a bank, MSME has a reason to smile as Banks need to offer 1% less interest rate on the overdraft extended to the MSME which is registered with Udyam.
TA registered MSME can avail concessional rate of electricity for their unit by making a written application along with the certificate issued after registration as MSME ( Udyog aadhar) to the electricity department.
The MSME is required to be paid as per the agreement between parties or within 45 days if there is no understanding between them. Failure entitles the MSME for an interest which is three times the bank rate.
MSME registered under the MSMED Act, 2006 is eligible for many tax incentives and exemption both under the Direct Taxes and Indirect Taxes including GST such as capital gain subsidy schemes under income tax act.
While filing the trademark application in any class or multiple class, the MSME enjoys 50% less fee of filing in comparison to other corporates or firm. Similarly while filing patent 50% discount is granted to the MSME.
For faster resolution of disputes where MSME is struggling to recover money from other persons, there is a provision of MSME reconciliation centre which may provide for a speedy resolution of
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