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All About MSMEs – Micro, Small and Medium Enterprises

"MSME stands for Micro, Small and Medium Enterprises. It was introduced by the Government of India in agreement with the MSMED (Micro, Small, and Medium Enterpri"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/corporate-law/msmes-micro-small-medium-enterprises.html

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All About MSMEs – Micro, Small and Medium Enterprises

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  1. ALL ABOUT MSMES – MICRO, SMALLAND MEDIUMENTERPRISES https://taxguru.in/corporate-law/msmes-micro-small-medium-enterprises.html MSME stands for Micro, Small and Medium Enterprises. It was introduced by the Government of India in agreement with the MSMED (Micro, Small, and Medium Enterprises Development) Act of 2006. As per thisact, MSMEs are the enterprises involved in the processing, production, and preservation of goods andcommodities. MSMEs are an important sector for the economy and have contributed immensely to the country’s socio- economic development. It not generates employment opportunities but also works hand-in-hand towards the development of the nation’s backward and ruralareas. MSMED Classified into twocategories •Manufacturing enterprises – Engaged in the manufacturing or production of goods in anyindustry. •Services enterprises -Engaged in providing or renderingservices. Features ofMSME •Provides credit limit or funding support to various bank in thecountry. •Support packaging, product development, and designintervention. •MSME work for the welfare of the workers and artisans. They help them by giving employment and by providing loans and otherservices. •MSME also support product creation, concept creativity, engagement, and packaging, in line with recent trends. •MSMEs are known to provide reasonable assistance for improved access to the domestic as well as export markets forbusinesses. •Supports technology up-gradation, infrastructural development, andmodernization.3 On 13th may 2020, Finance Minister Nirmala Sitharaman added the additional Principal of turnover along with theinvestment Who can apply for MSMERegistration? Proprietorships, Hindu Undivided Family, Partnership Firm, One person company, LimitedLaibility Partnership, Private Limited Company, Producer Company, any association or persons , co-operative societiesor

  2. any other undertaking can obtain MSME Registration inIndia. Documents Required for MSMERegistration •Aadhaar card of theapplicant •Pan card of theapplicant •Bank account numer and IFSCcode How do we registered on msme? •Through Udyam Registrationportal Benefits of MSMERegistration •Electricity billsconcession •MSME are eligible for priority sector lending frombank. •The Udyam Registration will help the MSMEs in availing the benefits of government schemes such as credit Guarantee scheme, credit linked capital subsidy scheme, protection against delayed payments,etc. •50% subsidy on patentRegistration •Protection against delayedpayments •Reservationpolicy The author can be however contacted for further clarification at 9654182791 or via mail at caajay92@gmail.com. The author is the founder of solutiontax.in an platform for filing income tax returns, company incorporation, accounting/bookkeeping, audits related compliancesetc. DISCLAIMER:- This Blog is for the purposes of information / knowledge and shall not be treated as solicitation in any manner or of for any other purposeswhatsoever.

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