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New process of MSME Registration to take off from today: Government

New process of MSME Registration to take off from today: GovernmentNew process of MSME Registration to take off from today
Highlights

Government has said that the new process of MSME Registration will take off in the name of Udyam Registration from July 1, 2020.

Government has said that the new process of MSME Registration will take off in the name of Udyam Registration from July 1, 2020. MSME registration process is fully online, paperless and based on self-declaration.

No documents or proof are required to be uploaded for registering an MSME. Adhaar Number will be required for registration. The new portal for Udyam Registration is www.udyamregistration.gov.in.

Micro, Small and Medium Enterprises Ministry (MSME) said, the portal guides the entrepreneurs step by step as to what they should know, what they should do. The Ministry said, after completion of the process of registration, an Udyam Registration Certificate will be issued.

There will be no need for renewal of Registration. It said Registration Process is totally free. No Costs or Fees are to be paid in this regard.

The Ministry has expressed confidence that this process will be extremely simple, seamless entrepreneur-friendly. It will set an example in Ease of Doing Business, not only in India but internationally.

It will reduce transaction time and costs. Entrepreneurs and Enterprises can focus on their real work and become globally competitive.

Revised MSME Classification – Composition Criterion: Investment in Plant and Machinery/ Equipment and Annual Turnover (< denotes less than):

Composite CriteriaMicroSmallMedium
Investment< Rs 1 crore< Rs 10 crore< Rs 50 crore
Annual Turnover< Rs 5 crore< Rs 50 crore< Rs 250 crore

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