MSME stands for Micro, Small and Medium Enterprise. It's great to get your MSME registration in order to achieve multiple benefits from Government of India.
In India micro, small and medium enterprises or MSME forms a strong base for running the economy. Registering MSME can help your business to avail many benefits, incentives and access to subsidies and schemes offered by the Government. MSME has been defined In India under MSMED ACT 2006.
IS MSME registration process mandatory?
MSME registration under MSMED ACT is not mandatory. But for you it’s worthwhile to get the registration done to avail the facilities offered by Government of India. A typical registration process needs to prepare an application and submit to the respective Government office.
Category of MSME –
MSME can be classified into 2 categories: Manufacturing Enterprises and Service Enterprises.
Manufacturing Enterprises – Here the enterprises involved in manufacturing or producing goods and are defined in terms of investment in plant and Machinery.
Service Enterprises – Here the enterprises involved in offering or rendering of services and are defined in terms of investment in equipment.
What about the limit of MSME?
In small enterprise the investment in plant and machinery is more than 25 lakh but does not surpass Rs. 5 crore; A medium enterprise is an enterprise where the investment in plant and machinery is above Rs. 5 crore but does not outstrip Rs. 10 crore.
Are traders classified under MSME?
A trader is permitted to get MSME Certificate. But you must know that there are a set of conditions that any entity is required to meet in order to be categorized as a medium, small or micro enterprise for attaining MSME registration.
What are MSME units?
MSME or Micro Small and Medium Enterprises are defined in India under MSMED Act 2006 on the basis of capital investment made in plant and machinery, excluding investment in land and building.
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