What is MSME Registration-
MSME Form I is a form filed for giving details with the ROC concerning payment, which has been outstanding for more than 45 days towards the services availed from the MSME in question. The filing of the Form in the intervals is as mentioned below: Initial Return; or Regular Half Yearly Returns.
Importance of MSME –
• MSMEs employ around 120 million people, becoming the 2nd-largest employment generating sector after agriculture.
• It provides about 6.11% of GDP from manufacturing and 24.63% of the GDP from service activities.
• It’s ministry wants to increase its contribution towards GDP by up to 50% by 2025 as India moves ahead to become a $5 trillion economy.
• It promote all-inclusive growth by providing employment opportunities, especially to people belonging to weaker sections of the society in rural areas.
• It promote innovation by providing an opportunity to budding entrepreneurs to help them build creative products hey and thereby boost competition in business and fuel the growth.
MSME – Micro,Small and Medium Enterprises. The Government of India has introduced MSME in agreement with Micro, Small and Medium Enterprises Development (MSMED) Act of 2006. These enterprises primarily engaged in the production, manufacturing, processing, or preservation of goods and commodities. A proposal was made to redefine MSMEs by the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2018, to classify them as manufacturing or service-providing enterprises, based on their annual turnover. what is the deemed date of acceptance- The deemed date of acceptance means, in case of no objection is made by the buyer in writing as regards a receipt of goods or services within 15 (fifteen) days from the day of the goods delivery or the services rendered.
Benefits with registration-
To facilitate credit flow to the MSME sector and enhance the comfort level of the lending institutions, reputed credit rating agencies do the credit rating of MSME units. Furthermore, advice to banks is to consider these ratings based on availability and thus make an appropriate structure of interest rates depending on ratings assigned to borrowing MSME units. MSMEs employ around 120 million people , becoming the 2nd largest employment generating sector after agriculture. It promote all-inclusive growth by providing employment opportunities, especially to people belonging to weaker sections of the society in rural areas.
Documents Required-
• ADHAR card of the Applicant (Proprietor/ Partner / Director)
• Name of Applicant
• Caste
• Pancard
• Business Name
• Type of Business Entity
• Address of the Plant
• Address of the Office
• Date of Commencement of the Business
• Bank Details (Account No. and IFSC code)
• Business Activity Details
• Number of employees
• Investment in Plant and Machinery and Equipment
• Photo and Id Proof of Applicant
• Mobile No. of Applicant (Linked with ADHAR)
• Email Id for OTP Verification
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