MSME Registration In Bawana

MSME refers to Micro, Small, and Medium-Sized Enterprises. According to the Micro, Small & Medium Enterprises Development (MSMED) Act of 2006, Micro, Small, Medium Enterprises (MSME), also known as SSI, are classified into two classes:

Manufacturing Industry

1. For Micro Enterprises: No more than 20 lakh rupees may be invested in equipment and machinery. 

b) For Small Businesses, the maximum amount invested in plant and machinery is 5 crore rupees, but the investment is higher than 20 lakhs.

c) Plant and machinery investments for medium-sized businesses must be more than 5 crore rupees but not more than 10 crore.

Documents Needed for Bawana MSME and SSI Registration: 

1. Aadhaar Card (attached in soft copy) 

2. Social Classification (General, OBC, SC, ST)

3. The company or business name 

4. Organizational Type (LLP, Pvt. Ltd., Partner, Ownership) 

5. PAN Card (Owner/Business/Firm) 

6. Address of the Office 

Mobile number and email address 

8. Bank IFS Code and Account Number (Owner/Firm/Corporate) 

9. The primary business activity of the company (your work for the firm) 

10. The number of workers 

11. Purchasing Plant and Machinery and Equipment 

The Services Industry

A) micro enterprise's equipment investment cannot exceed 10 lakhs. 
b) Small Businesses: Equipment investments totaling more than 10 lakhs but less than two crores.
c) Medium-Sized Businesses: The amount invested in equipment exceeds two crores but does not surpass five crores.

Advantages of MSME Registration with CA Nakul Singhal Associates ( Bawana)

Benefits from Banks: MSMEs are eligible for special schemes designed by banks and other financial institutions because they are recognized by them. This typically involves lower bank interest rates and priority sector lending, which indicates that there is a strong chance that your company will be approved for a loan. If repayment is delayed, special treatment might also be granted.

Benefits from taxes: Depending on your industry, you can be eligible for an excise tax exemption program or be spared from paying some direct taxes during the early stages of your company. 

State Government Benefits: Those that have registered under the MSMED Act typically receive subsidies from their respective states for electricity, taxes, and access to state-run industrial estates. Specifically, most states exempt sales taxes, and produced items are given an advantage in purchasing.

advantages of the central government: The loan guarantee program is one of the programs that the central government occasionally offers to assist MSMEs. 
The Credit Guarantee Program (CGTMSE). 
Credit and the input of income from several sources to support them are two of the biggest challenges small-scale enterprises encounter.

Changes have been made to the Credit Guarantee program, which was created to assist MSME, in increasing its advantages for small traders

The scheme's key components are as follows: 

1. Improving the ideal qualifying loan amount to Rs. 50 lakh from Rs. 25 lakh

2. Lowering the one-time guarantee from 1.5% to 0.75% for loans taken out by MSME in Northeastern India. 

3. Increasing the guarantee's coverage from 75% to 80% for:

 4. Operated by women Small and medium-sized businesses

 
5. Microbusinesses, up to a 5 lakh loan amount 

6. Loans taken out in the country's northeast 

7. Lowering the one-time guarantee charge from 1.5% to 0.75% for all loans obtained in North Eastern India. 

• Because MSME Certificate holders can present their certificate of MSME registration when applying, it has become much easier for these businesses to get licenses, approvals, and registrations from the appropriate authorities in any area. 
   
• As specified in the government scheme and contingent on economic activity, enterprises with an MSME registration may benefit from a direct tax exemption for their first year of operation.
   
• To encourage the participation of small businesses in India, the government has certain bids that are exclusively available to MSMEs. 
   
• Ease of approval from federal and state government agencies; businesses registered as MSMEs are given priority when it comes to government certification and licenses.