MSME registration is done through the Ministry of Micro, Small and Medium Enterprises (MSME) and the process can be completed online. The registration is not mandatory but it provides certain benefits such as access to government schemes and subsidies, easier access to credit and protection against delays in payments. It is important to note that MSME online registration and benefits may vary depending on the state in which the business is located.
To register, you will need to provide information such as the type of enterprise, PAN number, GST number (if applicable), and details of the owner/promoter of the business. Once the registration is complete, you will receive an MSME registration certificate.
Understanding MSME
MSME is a combination of Micro, Small, and Medium enterprises. The basis for determining the category to which an entity essentially belongs in MSME would be on the basis of the investment made in plant and machinery and the turnover earned during the year.
Micro Enterprise – For an entity to be classified as micro-enterprise the investment made in plant and machinery should not exceed INR 1 crore. And also, the turnover earned during the year should not exceed INR 5 Crore.
Small Enterprise – For an entity to be classified as a small enterprise the investment made in plant and machinery should not exceed INR 10 crore. And also, the turnover earned during the year should not exceed INR 50 Crore.
Medium Enterprise – For an entity to be classified as a medium enterprise the investment made in plant and machinery should not exceed INR 50 crore. And also, the turnover earned during the year should not exceed INR 250 Crore.
Prior to this, the threshold limit of exemption was different for entities on the basis of the sector they belong to which included manufacturing and service. The following were the classification or categories that existed:
– In case of an entity belonging to the manufacturing sector:
Micro Enterprise– Less than INR 25 Lakhs
Small Enterprise – Between INR 25 Lakhs and INR 5 Crores
Medium Enterprise – Between INR 5 Crore and INR 10 Crore
– In case of an entity belonging to the service sector:
Micro Enterprise– Less than INR 10 Lakhs
Small Enterprise – Between INR 10 Lakhs and INR 2 Crores
Medium Enterprise – Between INR 2 Crore and INR 5 Crore
Documents Required
There are certain documents that should be made available for completion of the registration of MSME successfully and the generation of a certificate. This majorly includes the Aadhar and PAN card details. There are profoundly no other documents or certificates which should be submitted as proof. The whole process can be initiated and completed online.
On the entering of the PAN details pertaining to the investment and turnover shall be fetched automatically by the Udyam website or portal from the GST database. This is possible as the Udyam Portal for Registration is completely integrated or coupled with the Income Tax and GST information systems.
Any person or entity which should mandatorily acquire GST registration as per the GST Law should have taken registration under GST prior to taking registration under MSME.
The registration fees for MSME registration in India are nil or there will be no registration fees charged for the registration of MSME.
Online Registration Procedure for MSME
The process for registering a Micro, Small, and Medium Enterprise (MSME) varies depending on the country or region. In India, the process for registering an MSME is as follows:
Obtain a Permanent Account Number (PAN) and a GSTIN (Goods and Services Tax Identification Number) if the business is GST-registered.
Obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for the directors of the company.
Visit the official Udyog Aadhaar website and fill out the online registration form.
Submit the required documents, including PAN, GSTIN, DSC, and DIN.
Once the registration is complete, a certificate will be issued, which can be used to avail various benefits and schemes provided by the government for MSMEs.
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OCT 09 2020: The global Precast Concrete market size is expected to reach USD 145.91 billion by 2027, according to a new report published by Grand View Research, Inc.
Rising consumer demand for high-quality products are projected to open up growth avenues for the new market entrants during the forecast period.To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/precast-concrete-market/request-sampleAsia Pacific is anticipated to remain the key regional market for precast concrete, due to the significant economic growth of the region.
In addition, the presence of huge construction industry in China and India is anticipated to provide a large market for precast concrete products.Manufacturers focusing on producing quality precast products to meet rising consumer demand for precast concrete.
High competition in the residential and nonresidential construction sector has compelled market players to implement superior and low maintenance yet cost-effective solutions to gain a competitive edge.Further key findings from the report suggest:Structural building components has emerged as the largest product segment and accounted for 36.3% of the market revenue share in 2019, on account of its rising use in affordable housing projects Infrastructure is expected to witness the fastest CAGR of 6.9% over the forecast period, owing to increase in spending by various governments for development of public infrastructureAsia Pacific accounted for the largest market share in 2019 and is expected to reach USD 67.0 billion by 2027, owing to factors such as rapid urbanization, industrialization, and rising infrastructural developmentHighly developed economy, growing construction spending combined with highly skilled workforce and growing R initiatives to encourage innovative products are the factors expected to aid the product demand in U.S reaching USD 16.12 billion in 2019Precast concrete market key players are focusing on expanding their business in emerging economies in Asia Pacific to increase their footprint in high potential marketsTo Browse Full Research Report @: https://www.radiantinsights.com/research/precast-concrete-marketTable of ContentsChapter 1.
Precast Concrete Market - Value Chain Analysis3.4.
Indonesia Precast Concrete Market - Market Dynamics3.6.1.
