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National Industrial Classification : NIC Code For Manufacturing

The National Industrial Classification Code 'NIC Code' is a statistical standard which provides for a comparable database of different economic activities to be generated and maintained. This code has been developed in order to assess and analyze how each economic activity contributes to national wealth.<br>

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National Industrial Classification : NIC Code For Manufacturing

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  1. National Industrial Classification : NIC Code For Manufacturing The National Industrial Classification Code 'NIC Code' is a statistical standard which provides for a comparable database of different economic activities to be generated and maintained. This code has been developed in order to assess and analyze how each economic activity contributes to national wealth. NIC Code 2008 National Industrial Classification 2008 (NIC-2008) is the revised version of NIC-2004. The Department of Policy and Promotion decided to move from the NIC 1987 edition to the NIC 2008 in its Press Note 4 (2014 series), dated 26 June 2014. Every Indian Company has been advised to comply with NIC 2008 since then. NIC 2008 is more compatible with the international system of classification. This enables the compliance processes for registration to flow in a seamless manner. The updated NIC-2008 provides a more contemporary industrial classification system. Enterprise activities are first grouped into 'Section' alphabetically coded from A to U, each section is divided into 'Division' with two (2) digit numerical code, each division into 'Group with three (3) digit numerical code, each group into' Class 'with 4-digit numerical code and each 4-digit class into' subset 'with 5 digits.

  2. Where do you need NIC Code? Udyam Registration Udyam registration is the latest process of registering business under MSME. In order to register as a micro, small or medium-sized enterprise under the Micro, Small and Medium Enterprise Growth Act, 2006, it is required to apply for registration on the Udyam portal. A NIC code must be submitted when applying for registration on the Udyam portal. Company Registration/LLP Registration To incorporate a company or an LLP, one must register the corresponding business / LLP on the MCA (Ministry of Corporate Affairs) portal. The NIC code of the business is required when registering. Why is NIC needed? ● It is used by most government agencies in India in order to ensure the effective classification of firms. ● Keeps track of the commercial activities of a business. ● For company registration or a limited liability partnership (LLP) ● To obtain an Udyam Certificate

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