MSME means Micro, Small and Medium enterprise. MSME or SSI forms a solid foundation for running an economy. Both of these acts as inducement for the growth of economy. MSME or SSI registration assists businesses in getting various subsidies offered by the government, and getting the benefit of taxes.
Both the service related as well as the manufacturing businesses can undertake MSME/SSI registration in India. Under the MSMED act, all the Micro, Small and Medium sized businesses were eligible for applying the MSME/SSI registration. It is not essential for them to apply for the registration. There is no any need to pay the statutory fee for registration under the MSME/SSI.
Benefits of MSME/SSI Registration
For those applications which are received for business tenders, one of the desired eligibility criteria is MSME/SSI registration.
Entities registered as MSME/SSI will get benefits from taxes and rebates depends on the schemes applicable.
Because of various schemes and promotion from the government, the interest rate for the MSME is lower than the non-MSME.
Documents Needed For MSMI/SSI Registration:
Information of employees and other relevant information
Nature of business and date of commencement of business
Scanned copy of the Aadhar card and PAN card of the applicant
Registration of information of other business
Details of investment
IFSC Code and Account number of business bank
Address of the business along with the name
Gender, Social category and other details
Email Id and Mobile Number
What Is Included In Our Package?
Why MSME/SSI Registration is Required
Reduced cost infrastructure
The MSME/SSI registered company receives various benefits for simple infrastructure like taxes and electricity relaxation.
Rebate on Tax
Those businesses which are registered as MSME/SSI can receive various promotional schemes and benefits of subsidy.
Quick Approval from the State and Central Authority
Those businesses which are registered under the MSME/SSI will receive higher preference during certification and licensing.
Simple access to credit
The honorable prime minister of India MR. Narendra Modi launces the “Mudra Loan Scheme” and offers loans to MSME/SSI without any guarantee.
Low Interest Loan
The rate of interest on loan is much lower than prevailing rate of interest in the market