What is Micro, small & medium enterprises?
Previously known SSI registered entities are now known and registered as MSME, i.e.; Micro, Small and Medium Enterprises. MSME stands for Micro, Small and Medium enterprises, categorized based on the annual revenue in business. These entities possess MSME registration certificate, registered with MSME Department of the Central Government under MSME Development Act, 2006. The Act was enacted for the promotion and growth of the businesses operating at small or medium scale.
Where all major activities were eligible for registration under MSME earlier, trading and other few activities are now specifically excluded from eligibility. Although the registration is voluntary, businesses prefer to obtain MSME registration online due to numerous benefits declared by the government.
Benefits of SSI/MSME Registration
Documents required for MSME Registration
Who can apply for MSME registration?
Manufacturing and Service entities falling under the given classification can obtain the registration.
Obtain registration in 3 Easy Steps
Process for MSME Registration online
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|Parameters||GST Registration||Importer Exporter Code||Professional Tax Registration||Shop & Establishments Registration||MSME Registration|
|Applicable To||Businesses exceeding a prescribed threshold for turnover||All importers and exporters||Applicability defers based on State Act||Applicability defers based on State Act||All Micro, Small and Medium Enterprises|
|If turnover exceeds ₹ 20 Lakh or entity fall under specified category, registration is mandatory||Any business entity undertaking import/export for business purpose from India||A person earning income from salary or by practicing any profession has to pay the professional tax||All entities need to get registered under shop and establishments at the time of setting up their business||It is not mandatory to register under MSME. Any business entity if wishes, can get registered under MSME|
|Regulatory body||State and Central Government||Central Government||State Government||Municipal Corporation||Central Government|
|The tax is segregated into two parts – CGST (central) and SGST (state)||The code is granted by Directorate General of foreign Trade, Central Government||The tax is based on income slab-rates decided by state Government||Governed by Municipal Corporation under whose jurisdiction the business place is situated||MSMEs comes under centrally based Ministry of Micro, Small and Medium Enterprises|
|Annually, monthly or quarterly based on GSTR type||No return are prescribed to file after registration||Monthly or yearly -based on professional tax liability||No returns are to be filed after this registration||No returns are to be filed after this registration|
|Know More||Know More||Know More||Know More||Get Started|
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