What is Udyam Registration?
Enterprises in both manufacturing and service sector can obtain MSME Registration. The new MSME registration is known as Udyam Registration.
To print existing Udyam certificate-
Government has brought new classification criteria – Micro, Small and Medium from 01st July 2020 under Atmanirbhar Bharat initiative.
Though registration is not mandatory, it is beneficial for business as it provides a range of benefits such as eligibility for lower rates of interest, gst exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support.
All earlier holder of MSME registration or Udyog Aadhar needs to again apply for Udyam Registration.
What documents are required for Udyam registration?
- Address Proof – Aadhar card, GST registration or Electricity bill
- Amount of Investment in Machinery/Equipment/Computer
- Aadhar Card of proprietor, partner or director (any one)
- Specify if proprietor, partner or director belongs to SC/ST/OBC
- Business activity of organisation and date of business start
- No of employees – Male and Female
- Bank account no and IFSC code.
Charges – Rs 1,000/-
Time required – 2 days
How Turnover is calculated for determining MSME?
Information regarding turnover and exports turnover for an enterprise shall be linked to the Income Tax Act or the Goods and Services Tax Act.
Exports of goods or services or both, shall be excluded while calculating the turnover of any enterprise for the purposes of classification.
How Investment amount is calculated for determining MSME?
Investment only in plant and machinery or equipment is taken for calculation. Further it will be linked to the Income Tax Return (ITR) of the previous years filed.
Value shall exclude – GST tax amount, cost of pollution control, research and development and industrial safety devices.
In case of new enterprises, figures will be accepted on self-declaration basis.
- Renewal is not required to be done.
- Details are linked to Income tax and GST returns
- No enterprise shall file more than one Udyam Registration
- Any number of activities including manufacturing or services can be specified.
To print existing Udyam certificate – https://udyogaadhaar.gov.in/PrintUdyamCertificate.aspx