What Are The Laws Related To The MSME Registration In India?

We will be discussing everything related to the MSME business and it’s registration in this article. MSME is a short form of micro small medium enterprises. These may also be called as SSI which is a short form of small-scale industry. Now it’s called Udyog Aadhaar these days. These small businesses are the foundation of most of the economic growth and development of India, almost a backbone. On top of that these MSME Businesses are encouraged by the government itself and promoted too. Now how they promote it? Well the government launches different schemes and gives several financial and otherwise benefits to whoever gets an MSME Registration. So basically MSME doesn’t really require a registration but it’s a good idea to do so in order to avail the government given benefits.

Know the Basic Laws related to the MSME Registration

The micro small medium enterprises may avail a wide range of government subsidies and different financial benefits under the MSMED Act. The MSME business could be in both, the manufacturing sector as well as the service sector. There are registration categories for MSMEs depending upon their size and turnovers and also upon the amount of money invested. So while you are at it, let’s see their categories.

Types of MSME Registration Based on their Size, Investment, and Turnovers

·         Micro Enterprises-This category is of micro enterprises which are the smallest of all the MSMEs. The criteria for MSME Registration in India under this category is when the investment in the manufacturing enterprises is less than the amount of Rs 25 lakhs while the Investment in the service sector is or less than the amount of Rs 10 lakhs.

·         Small Enterprises-This is the second category within the MSMEs. The small enterprises must have an investment between the amount of Rs 25 lakhs and Rs 5 crore in the manufacturing sector while between the ranges of Rs 10 lakhs and Rs 2 crores in the service sector.

·    Medium Enterprises-The medium enterprises being the largest in the MSMEs for a category, here the investment for the manufacturing sector should be between the amount of Rs 5 crore and Rs 10 crores. While it should be between the amount of Rs 2 crores and Rs 5 crores.

What Is Required for MSME Registration Application?

·         Government Registration frees

·         The MSME Registration application form.

·         Prescribed list of documents for the submission at the registrar office.

Procedural steps for MSME/SSI Registration

1)                 Complete the MSME Registration application form or SSI Registration online process application form.

2)                 Prepare the listed documents required for MSME Registration. This shall take 1 to 2 days.

3)                 Filing for the MSME Registration application – the application is to be filed along with all the prescribed list of required documents that we had prepared earlier. And submit both to the MSME Registration registrar. This shall take about 2 days.

4)                 Your MSME Registration application will be verified by the department for the approval. By this step your side of the job is complete. And you just wait.

5)                 Once your MSME or SSI Registration application has been approved by the MSME Registration department, an MSME Registration certificate or your SSI Registration certificate will be issued in your name and will be sent to you via courier.

 
That’s it, your MSME Registration is complete. But in case if you are planning to take the help of specialists who can guide you all the way then pick up a renowned organization by searching through the Google. We at Swarit Advisors are the leading online service providers whose experts are dedicated 24/7 hr to serve you with the best possible solutions in a hassle-free way.

Source by: https://swaritadvisorsindia.wordpress.com/2018/08/01/what-are-the-laws-related-to-the-msme-registration-in-india/