For facilitating smoothness in doing of business goverment has come up with new initiative of Udyam Registration in place of existing Udhyog aadhar MSME registration. This initiative is believed to benefit number of companies as major entities will come under MSME.It is specified by ministry that no other agency is authorized to do registration under offline or online system under this new regime.There are several benefits announced by government for MSME units.
One important benefit is that government has made rules for PSU to procure certain percentage of their requirement from MSME unit only. Hence to take benefit of various goverment schemes it is required for MSME units to register themselves on Udyam portal.Khadi,handicrafts,plastic,rubber,clay,electronic components,leather,handlooms,food processing industries,wood,etc are major sectors falling under MSME.Earlier registration under msme that is EM 2 or udhyog aadhar are valid only till 31st March 2021.Following is the new definition of MSME under this revised guidelines:
- For turnover export turnover should not be included to determine MSME status.
- Cost of purchase of plant and machinery should be taken into account and not depreciated value for determining above status.
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