Benefits of MSME

Some of the benefits from Central Government include easy sanction of bank loans (Priority sector lending), lower rates of interest, excise exemption scheme, exemption under Direct Tax Laws and statutory support such as reservation and the interest on Delayed Payments Act.

MSME Limits

It was the Micro, Small and Medium Enterprises Development (MSMED) Act which was notified in 2006 that defined the three tier of micro, small and medium enterprises and set investment limits. For the service sector, the investment limits are Rs 10 lakh, 2 crores and 5 crores in terms of investment made in equipment.

Eligibility of MSME Registration

Manufacturers whether Proprietors, Hindu Undivided Family, Partnership Firm, One Person Company, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, any association of persons, co-operative societies or any other undertaking can obtain MSME registration in India.

Documents required for the registration process

1. Aadhar number of the applicant
2. Name, gender, PAN number, email id and mobile number of the applicant.
3. PAN, location, and address of the organization.
4. A number of employees and the date, you are planning to start your business.
5. Bank account number and IFSC code
6. The basic business activity of the enterprise
7. NIC 2 digit code
8. Investment in plant and machinery/equipment
9. MoA and AoA
10. Copies of Sales Bill and Purchase Bill