Benefits of MSME Registration and MSME Definition

The Micro, Small and Medium Enterprises Development (MSMED) Act of 2006 contains the following definition:

According to the definition of Turnover of Financial Statements (Except export of Goods and Services Turnover), the initial value of the plant and machinery/equipment must be factored into the manufacturing/service sector calculations.

Also, Read- APPLY FOR UDYAM REGISTRATION

 Manufacturing and service industries

ENTERPRISESInvestment in plant and machinery or equipmentTurnover
Micro enterpriseNot more than INR 1 CroreNot more than INR 5 Crore
Small enterpriseNot more than INR 10 CroreNot more than INR 50 Crore
Medium enterpriseNot more than INR 50 CroreNot more than INR 250 Crore

Benefits of MSME Registration: 

According to government policy, Udyam Registration is not a business or address proof, save in certain circumstances. It is required to take advantage of several MSME benefits from the state, federal government, banks, and others. Any firm can apply for and receive several perks or preferences by having the Udyam Registration.

  • State and federal government departments provide financial assistance.
  • Priority Lending Preference with Special Conditions in Bank Finance
  • Customers should be given preference in the payment procedure, as per the law.
  • Get a leg up on the competition when it comes to tendering and supplier selection.
  • Special Advantages as a result of a government decision.

Subsidies from the federal government and state governments include the following:

Central Government:

  • Show lifetime valid Udyog Aadhaar Registration to get 100% Collateral Free loans from all banks in India under the Credit Guarantee Plan (CGTMSE) scheme in both nationalized and private banks. The government also offers certain loan perks through COVID.
  • The government announced a Mudra Loan for Micro and Small Businesses of up to Rs. 10.00 lacs at a lower interest rate.
  • Subsidies of 15% of qualified plant and machinery up to a limit of Rs. 15.00 lacs are available for technical upgrades or to encourage the adoption of technology updated machinery. (Scheme of Capital Linked Subsidies)
  • The TEQUP scheme provides a capital subsidy of 25% of the project cost, up to a maximum of Rs. 10.00 lakh, to registered MSME units in order to improve their competitiveness through Energy Efficiency and Product Quality Certification. While the government of India will offer a subsidy of 25% of the project cost, the remaining amount will be paid by a loan from SIDBI/banks/financial institutions.
  • Patent registration for your innovation on the business name or business owner name is eligible for a 50% subsidy.
  • In government tenders and departments, there is a waiver of the security deposit.
  • All industries registered with the Udyog Aadhaar department for Import and Export processes receive support from MSME for marketing in India and around the world.

Suggested Read- print Udyog aadhaar certificate

State Government :

  • Capital Subsidy on Plant and Equipment Investment: 10% – 20% of term loan/investment in plant and machinery and buildings.
  • Interest Subsidy on Plant & Machinery and Building Term Loans: Reimbursement of Interest Subsidy ranging from 5% to 9% of term loan interest. i.e., assist in lowering loan costs and conserving bank account interest.
  • Reimbursement of CGTMSE Fees for Term Loans as invoiced by the Bank.
  • Worldwide Special thought is given to the placement of stalls at international trade shows.
  • Electricity Duty Waiver for a period of five years.
  • Assistance with Market Development.
  • For Udyog Aadhaar registered businesses, reimbursement of up to 50% of ISO Certification costs is available.
  • Udyam The training facilities supplied by the MSME department are available to registered units.
  • In the deal for technological enhancement in Udyam Registered, technical and capital consultation and help were provided.
  • With larger advantages, capital, and interest subsidies in food processing units and information technology development companies.

Who needs to register with the Fssai?

The Food Safety and Standards Authority of India requires all food business operators (FBO) in India to get a food licence (FSSAI). All FBOs must follow all FSSAI policies and recommendations when it comes to food quality control. All distributors, traders, supermarkets, grocery stores, importers and exporters, and others are required to have an FSSAI licence. FSSAI Registration is a food safety certificate granted by India’s food authority that ensures the quality of food products. FSSAI Licensing ensures that agricultural products are subjected to stringent quality controls, lowering the risk of adulteration, substandard, and unrefined products.

People who are directly or indirectly concerned about food items include a street vendor, a five-star restaurant, a grocery store owner, and a dhaba proprietor. As a result, if you’re considering beginning a food business, you should first obtain your FSSAI licence.

The FSSAI standards are designed to achieve the following goals:

  • The creation of scientifically grounded food publication standard guidelines.
  • Maintaining and controlling the most efficient manufacturing, storage, selling, distribution, and import of food.
  • Ensure and promote the safety and quality of food served to the general public by food outlets.

Why is it necessary to register with the FSSAI?

The FSSAI was created to provide science-based food standards and to control the manufacture, storage, distribution, sale, and import of food products in order to ensure that nutritious and wholesome food is available for human consumption. All food dealers, suppliers, and restaurants must receive a 14-digit licence number, which must be written on their products. FSSAI registration is essential for all dealers and food company operators that work in the food industry.

REGISTRATION WITH THE FSSAI:

Simply follow the steps below to get started:

  • To enrol, go to our FSSAI Registration webpage.
  • THE NAME OF THE APPLICANT/COMPANY ON THE FSSAI CERTIFICATE: This is the name of the company or organisation that will appear on the certificate.
  • EMAIL ID: Make sure the claimant’s email address is correct.
  • SELECT YOUR BUSINESS STYLE: Decide on the type of company you wish to manage.
  • SELECT A FOOD CATEGORY: Select a food category.
  • SELECT YOUR DESIGNATION: From the drop-down menu, choose the type of business.
  • BUSINESS ADDRESS: Fill out the address exactly as it will appear on the FSSAI certificate.
  • VALIDITY OF THE CERTIFICATE: Year(s) to be filled
  • Then fill out the application form and upload any required papers as prompted. After successfully submitting their application and paperwork, applicants must click the VALIDATE button to confirm their submission.