The Government of India (GOI) is continually supporting entrepreneurship because it offers tremendous opportunities for people and the country to prosper. As a result, the Ministry is launching a number of programs to encourage Indians to start businesses. Make in India is a great example of this.
It advises that in order to expand their firms, Indian entrepreneurs should take advantage of government programs.
In the most recent revamp, the Ministry of MSMEs made the Udyam registration portal a quick and straightforward online process.
The method and its advantages will drastically cut transaction time and costs. As a result, entrepreneurs and firms can focus on their core business in order to improve their worldwide competitiveness.
Existing MSME registration holders would be obliged to re-register under the new guidelines, according to the Indian Ministry’s notice.
Is re-registration for MSMEs required for your company?
Udyam Registration is a government registration that permits a company to participate in a variety of government programs.
After the application process is completed successfully, government organizations issue a certificate of recognition and a unique number for MSMEs certification.
Anyone who wants to benefit from MSME benefits can sign up for Udyam online. You will be granted a permanent identification number as well as an e-certificate known as “Udyam” once the re-registration is completed.
Re-registration is required for businesses that come under the Udyog aadhar, SSI, MSI, MSME, and other categories. Because the government has changed the requirements, it doesn’t matter if you previously completed the registration and reaped the benefits.
If you do not complete the re-register process by December 31, 2021, you may lose access to the MSME registration certificate’s benefits.
Because the new registration process is related to the income tax and GST departments, it refers to any changes to the GST and tax system, as well as changes in turnover and plant machinery. If you already have a Udyog aadhar and do not re-register for MSME online, you will lose all perks.
The Udyam certificate must be re-registered as a result. We’ll walk you through the re-registration process step by step.
Procedure for MSME Re-Registration:
Business owners who have already registered their MSME using Udyog Aadhaar must re-register their enterprise under Udyam, according to the government’s new instructions. Here are the steps to re-register your business with Udyam in a simple and quick manner.
STEP 1: Complete the registration process by using the udyam registration portal to properly comprehend the new requirements.
STEP 2: Get your unique identification number for registration.
STEP 3: Fill out the online application form with accurate information after entering your Udyog Aadhaar number.
STEP 4: Finish the MSME re-registration process by making an online payment and moving on.
STEP 5: One of the executives will process the applications at this stage.
STEP 6: The Udyam certificate will be emailed to the address provided within a few hours.
We can help you fill out the MSME application form so that you can get accepted on the first try and start enjoying the benefits right away.
The following information is necessary for Udyam Re-Registration:
- The company’s owner’s name and Aadhar number (as per the Aadhar Card)
- Information about your business’s previous MSME registration
- Your company’s or organization’s mission
- The current address and bank account information of the business or owner.
- NIC (National Identification Code) (National Industrial Classification)
- The total number of employees in your company
- Information regarding your business’s current operations
- Email address, phone number, and other contact details about the entrepreneur.
- The entrepreneur’s PAN number, as well as the total amount spent on the business
Udyam Re-Registration Benefits in a Nutshell:
- Anyone who re-registers under the Udyam system would receive a slew of benefits from the Indian government.
- Loans with low interest rates and no need for collateral
- Subsidies for the promotion of industry and the registration of patents
- Only MSME-registered enterprises that obtain a discount on electricity use are eligible for government bids.
- Permits, approvals, and registrations are simple to obtain.
- Exemptions from taxes under direct tax legislation, as well as a slew of other provisions.
Have you re-registered for MSME via the online application?
The ITR and GST Return details from the previous fiscal year, as well as a variety of other self-declaration-based information, must be updated electronically by an organization having an Udyam Registration Number.
If such relevant content is not updated within the time range stipulated by the government, legal action will be taken. Businesses must re-register with MSME in order to take advantage of the benefits.
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Businesses that fail to meet specific requirements will have their status removed, according to a statement released by the Ministry of MSME on June 26, 2020.
To avoid penalties, it’s a good idea to go over the MSME registration process and make sure you’ve covered all of the bases.