As per MSME Act 2006 now all industries have to be registered with MSME if you are manufacturer, supplier, trader, educational institute, Contactors for civil, electrical contractor, auto components manufacturer, FMCG industries, Textile Industry, Agriculture, Civil & Constructions, professionals, IT Units like Information Technology service providers like Software development companies, BPO service provider companies, IT Enable services, to get benefits to taking participate in government tenders and PSU sector tenders also can get EMD exemptions, for Import export business can avail benefits from MEIS license, EPCG support.
Here in this article, we will understand what is MSME and MSME registration in detail.
MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail the benefits under the MSMED Act from the Central or State Government and the Banking Sector, MSME Registration is required.
MSME is divided into three different parts, the name itself derives its differentiation.
- Micro Enterprise
Any business entity who invests below 25 lakhs comes under Micro Enterprise.
- Small Enterprise
Any business entity which invests above 25 lakhs and below 5 crores
- Medium Enterprise
Any business entity which invests between 5 crores to 10 crores.
Documents required for MSME registration
While applying for MSME registration you have to get the documents required below:
- Aadhar Card
- Owners Name
- Name of the enterprise
- Type of the organization
- PAN card number
- Official address
- Date of commencement of the business
- Bank details
- Personal details
MSME is beneficiary source for our nation, MSME registration is necessary for every small and medium business in India. By MSME registration you can avail various government benefits and government schemes.
It is possible to register MSME by visiting Online MSME registration portal in India.
Along with that, you can manage your accounts and banking related in queries with the help of EZOTO Software – By Downloading this Billing Software you would be able to manage invoice, accounting, credit, inventory, customers, etc and fulfill all your accounting needs
