Introduction to MSME
MSME – Micro, Small, and Medium Enterprises. To allow businesses to restart their operations during this pandemic situation, the Government of India has revised the criteria for businesses to obtain their MSME registration without restricting them to either be classified as manufacturing or service sector.
Major benefits of MSME registration are:
According to a CNBC report, nearly 45 lakh businesses are benefited in India from having an MSME registration.
COLLATERAL FREE LOANS
The Credit Guarantee Fund Trust for Micro & Small Enterprises (CGTMSE) has been set up which allows credit facility without the need for collaterals/ third party guarantees. Also, in case of default by MSE units, the Guarantee Trust bears the loss up to 85% of the amount in default.
CORPORATE TAX BENEFIT
To boost investment, the corporate tax rate has been reduced for new companies and existing companies. This will enable companies to expand their businesses and make fresh investments.
SUBSIDIARY FEE
Business enterprises registered under the MSME Act are given a subsidy of 50 per cent for registration of Trademark, Patents, etc This can be availed by sending an application to the respective ministry.
CONCESSION FOR EB BILL
This concession is available to all the enterprises that have the MSME Registration Certificate by providing an application to the department of the electricity along with the certificate of registration by MSME.
REIMBURSEMENT FOR ISO CERTIFICATION
Reimbursement scheme by the Development Commissioner of Micro, Small, and Medium Enterprises offers reimbursement up to 75% of the cost incurred in availing the certification subject to a maximum of Rs 75,000.
SUPPORT FOR TECHNOLOGY UPGRADATION
The Credit Linked Capital Subsidy Scheme (CLCSS) provides a 15% capital subsidy for upgrading the technology.
Benefits from MSME / Udyog Aadhaar registered Businesses
If you register your firm in MSME / Udyog Aadhaar, then you can get help from the government and banks to get Loans for your business.
Features of these Loans
- 100% Collateral Free !!
- NO Guarantee Required !!
- NO Additional Security Required !!
Not only this, but the Government is also providing E-market for MSME Registered Businesses to sell their products online and grow business.
Benefit from Banks: The loan interest given under MSME is very low. You can take loans from banks to further your business. After registration, a subsidy is given for Electricity, Machinery Purchase.
Exemption from EMD: Contractors are given Exemption from the deposit of Earnest Money Deposit.
Stuck Up Money Release: If your money is stuck up with any company and the company is not releasing payments, you can file a complaint against the company & MSME Department will help you to get your Old outstandings released, quickly.
There are several other benefits to your business. To know how to get started, contact us with your business details at the earliest.
IF YOU ALREADY HAVE MSME REGISTRATION CERTIFICATE FOR YOUR BUSINESS, PLEASE CHECK THAT ALL THE CONTENTS OF THE CERTIFICATE ARE UPDATE & CORRECT
Please check if the following details on your MSME Certificate are correct or not?
- BUSINESS NAME
- PLANT ADDRESS
- OFFICE ADDRESS
- CORRECT EMAIL ADDRESS
- CORRECT MOBILE NUMBER
- BUSINESS ACTIVITY DETAIL
- BANK ACCOUNT DETAILS
- SOCIAL CATEGORY
- DATE OF COMMENCEMENT
- PAN NUMBER
- INVESTMENT IN PLANT & MACHINERY
- NUMBER OF EMPLOYEES
