What is MSME
MSME stands for micro small and medium enterprises. MSME enterprises are engaged in the production, manufacturing, and processing of goods and services and are categorized into two classes:-
1
st manufacturing and 2
nd service enterprises.
Manufacturing enterprises are engaged in the production/ manufacturing of goods, whereas service enterprises are engaged in providing services.
The MSME Development Act (MSMED)was launched in 2006, and since then, MSMEs have become a significant and integral part of the economy. In short, MSMEs act as a backbone of the economy.
Classification of MSMEs and Statutory Bodies
The classification is based on the investment amount and turnover. Below is the latest classification by the government for both services and manufacturing MSMEs in India according to the Micro, Small, and Medium Enterprises Development Act, 2006.
Manufacturing Enterprises
| Enterprise Type |
Investment Amount (in INR)
|
Turnover (INR) |
Investment in P&M/Equipment
|
| Micro Enterprises
|
< 25 lakhs
|
< 5 crores
|
< 1 crore
|
| Small Enterprises
|
< 5 crores
|
< 50 crores
|
< 10 crores
|
| Medium Enterprises
|
< 10 crores
|
< 250 crores
|
< 50 crores
|
Service Enterprises
| Enterprise Type |
Investment Amount (in INR)
|
Turnover (INR) |
Investment in P&M/Equipment
|
| Micro Enterprises
|
< 10 lakhs
|
< 5 crores
|
< 1 crore
|
| Small Enterprises
|
< 2 crores
|
< 50 crores
|
< 10 crores
|
| Medium Enterprises
|
< 5 crores
|
< 250 crores
|
< 50 crores
|
Following are the four statutory bodies in the MSME:-
- Khadi and Village Industries Commission (KVIC)
- National Small Industries Corporation Limited (NSIC)
- National Institute for Micro, Small, and Medium Enterprises (NI-MSME)
- Mahatma Gandhi Institute for Rural Industrialization (MGIRI)
Who can Apply for Registration under MSME Act?
Following Are Eligible For Msme Registration:-
- 1) A Sole Proprietor
- 2) The Hindu Undivided Family.
- 3) The Partnership Firm
- 4) A One Person Company.
- 5) A Private Limited Company /Limited Liability Partnership.
- 6) A Production Company
- 7) A Co-operative Societies.
Documents Required For Msme Registration
Following Documents Required For Msme Registration:-
- 1) Pan Card
- 2) Aadhaar Card
- 3) Aaadhaar Card Linked Mobile Number
- 4) Email Id
- 5) Name Of Firm (In Case Of Firm)
- 6) GST Registration (If Any)
- 7) Bank Account Number With Ifsc Code
- 8) Type Of Business Activity.
Here Are Some Of The Benefits:
- Lowest Interest Rates On Bank Loans
- Avail Tax Rebates Customized For MSMEs Credit For Minimum Alternate Tax (Mat)
- Very Easily Accessible Credit For MSMEs
- Reimbursement Of Iso Certification
- Avail of Special Rebates And Concessions On Patents And Industry Set-ups
- One Time Settlement Fee For The Amount Unpaid
- Government Preference To MSMEs
- Concession In Electricity Bills
- Get Credit Guarantee Schemes From The Government
- Special Consideration On International Trade Fairs
- Bar Code Registration Subsidy
- Support From Your State Government.
The Steps Involved In The Process Of Obtaining Msme Registration Are Mentioned Below:
- Fill out The Msme Form:-
Justefilling Provide You with A Simple Application Form. The Applicant Fill The Application Form And Send Us By Email/whats App.
- Prepare All The Required Documents:-
The Applicant Is Required To Prepare All The Documents Needed For Obtaining Msme Registration. our Expert Help You To Collect The Documents
- Filing The Msme Application:-
After Getting the Filled Application Form And Documents Of the Applicant, we Filed Msme Application Online For Approval. Then The Regulatory Authorities Will Process And Verify The Authenticity And Genuineness Of All The Documents.
- Approval Of Application And The Issuance Of Certificate
After The Successful Verification Of All The Documents Submitted, The Regulatory Authorities Will Issue The Certificate Of Msme Registration. Justefilling Send You Msme Registration Certificate On Mail/WhatsApp.
Get Your Msme Registration Certificate
- After Submitting The Msme Registration Form Online By Justefilling We Provide You A Acknowledgement Number Though Email & Messages.
- On The Same/next Day, We Send You Msme Certificate On The Email Id Of The Entrepreneur After
- Verification Of The Registration Form Submitted On The Portal.
- The MSME Registration Certificate Validity Is For A Lifetime. Thus, It Requires No Renewal.
