MSME Registration

MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.

Government of India has provided a lot of assistance to the MSME Sector in the budget announced for Aatmanirbhar Bharat initiative. MSME being the backbone of Indian manufacturing and service sector has received a lot of positive views from the Government of India

The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries (As per msme.gov.in). When these industries grow, the economy of the country grows as a whole and flourishes. These industries are also known as small-scale industries or SSI’s.

Advantages of MSMERegistration
1. The bank loans become cheaper as the interest rate is very low around ~ 1 to 1.5% lower than interest on regular loans.
2. There are various tax rebates offered to MSME.
3. It also allowed credit for minimum alternate tax (MAT) to be carried forward for up to 15 years instead of 10 years
4. There are many government tenders which are only open to the MSME Industries.
5. They get easy access to credit.
6. Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available.
7. Business registered under MSME are given higher preference for government license and certifications like Trademark.

Documents Required