Here we have discussed on Udyam Registration Benefits, here further to know about it.
Udyam (MSME) Registration is completely online and paperless procedure to register under the Government . Also all the other government processes are integrated in this new MSME Udyam registration portal. There is only a single Government portal for Udyam registration.
There is only a portal of Government of India and Government’s single window system for Udyam registration. Except this portal there is no other private online or offline system, service or agency or person who is authorized or entitled to do MSME registration or undertake any of the activity related to the process. The Indian Government as per the MSME Act, has organized a full system of facilitation for the registration process of Udyam.
The Udyam registration process is completely online & without any paper, document or proof. For this process both the Aadhaar number and PAN validation is required. The old Udyog Aadhar Memorandum can be upgraded to Udyam registration by verifying the PAN online.
The General Manager of the district industries centre of the concerned district undertakes any enquiry in case of any discrepancy or complaint, for the verification of the details of Udyam registration submitted by any enterprise.
A permanent registration number will be given after the Udyam registration. After successful completion of the process of registration, an e- certificate will be issued online. The Udyam certificate has a dynamic QR Code from which the web page on their portal and details about the companies can be accessed.
There are various benefits of Udyam registration such as the business owner of the company can avail tax concession in states laws as applicable by the Government of India. They can claim stamp duty and registration fees waiver. They also have an exemption of 1% interest rate on overdraft.
The benefits of Udyam registration includes availing subsidy from NSIC and credit ratings as well as IPS subsidy. They also have reimbursement on the payment made for obtaining the ISO certificate. There is a reservation of products for exclusive manufacturing by MSME and SSI.
Udyam certificate benefits includes various benefits like the enterprises can avail excise exemption scheme. They can avail exemption while applying for government tenders. The enterprises also get exemption under direct tax laws and also enjoy easy bank mortgages and bank business loans.
The PAN and GST account linked details on the investment as well as the turnover of the companies are taken automatically from the databases of the Government feed into the new Udyam registration portal. Hence, it is compulsory to have a PAN and GST number by everyone. Their online system is completely integrated with Income Tax and GSTIN numbers.
The companies who have EM-II or UAM registration or any other type of registration which is issued by any authority under the Ministry of MSME, will have to re-register themselves for the Udyan registration. Companies cannot file more than one Udyam registration. But, they can include any number of manufacturing or service activities and it can be specified or added in one registration.
For the enterprises the bank loans become cheaper as the interest rate is very low. It also becomes easy to get licenses, approvals and registrations irrespective of field of the business as businesses registered under Udyam are given higher preference for government licence and certification.
Registered Udyam enterprise gets tariff subsidies, tax and capital subsidies. They also get interest rate subsidies on bank loans. The registered enterprises get protection against delayed payments, against material and services supplied. They also have the ease of obtaining registrations, licences and approvals.
MSME which are Udyam registered gets eligible for CLCSS (credit linked capital subsidy scheme). For these enterprises subsidy is available for patent registration.
The benefits of Udyam registration is that the enterprises can avail 100% Collateral Free loans from all banks. They get special consideration at international trade fairs. They also get bar code registration subsidies.
The Udyam registration benefits include waiver in Security Deposit in Government Tenders and Departments and concession in electricity bills. These are some of the benefits of Udyam registration.
The information regarding the turnover of the enterprise is linked to the GSTIN number and the last year filed GST return. The amount of turnover is checked by the portal of registration at the back end after the submission of the application. Also, the purchase value of plant and machinery or equipment is to be taken under account for the registration process.
