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MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act.it is beneficial for business at it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support.MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories.
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For MSME Registration
Micro, small and medium sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act.To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.Though the MSME registration is not statutory required,Rajput Jain & Associates can help your business obtain MSME Registration to avail a host of benefits.
Rajput Jain & Associates .com can help your business obtain MSME Registration in 10 to 20 days, subject to Government processing time.
An RJA- Financial Expert will prepare your MSME Application along with the necessary supporting documents that needs to be submitted for MSME Registration.
Once the application is prepared and submitted, the concerned MSME Office will process the application and may request for more information or documents (if required).
While processing the application, if required an RJA - Financial Expert will help respond to any query or request for document and obtain MSME Registration.
Rajput Jain & Associates can help your business file MSME registration. Our MSME registration experts can also help you in MSME regulation compliance for your business.
For any information / query regarding MSME registered Services, Contact Us
What is MSME Registration?
MSME Registration is an optional Registration under the MSMED Act that provides Micro, Small and Medium sized enterprises with a host of benefits such as interest rate concessions, tax benefits and access to a range of subsidies and schemes, aimed at developing MSME.
Who can obtain MSME Registration?
MSME Registration can be obtained by business in the manufacturing or service sector. To be classified as a MSME, Enterprises in the Manufacturing sector need to have less than Rs.10 crores of investment in plant & machinery; service Enterprises must have an investment of less than Rs.5 crores of investment in plant & machinery.The following slabs have been prescribed under the MSMED Act to determine the status of the Enterprise:
|Types of Enterprises||Manufacturing Industry
(Investment in Plant and Machinery)
(Investment in Equipment’s)
|Micro||Does not exceed Rs. 25 Lakh||Does not exceed Rs. 10 Lakh|
|Small||Exceeds Rs. 25 Lakh but does not exceed Rs. 5 Crore||Exceeds Rs. 10 Lakh but does not exceed Rs. 2 Crore|
|Medium||Exceeds Rs. 5 Crore but does not exceed Rs. 10 Crore||Exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore|
What are the documents required for MSME registration?
What if my Enterprises crosses the investment threshold of the MSME Act,?
If the business grows and investments more than Rs.10 crores in plant and machinery in case of manufacturing entity and more than Rs.5 crores in plant and machinery in case of service entity, the enterprise should apply for de-registration
Which are the classes of enterprises that may qualify for Registration?
Class of MSMED Registration: All classes of enterprises, whether Proprietorship, Hindu undivided family, Association of persons, Co-operative society, Partnership firm, Company or Undertaking, by whatever name called can apply for the registration and get qualified for the benefits provided under the Act. First a provisional registration certificate is given. And after commencement of production, a permanent registration certificate is given.
Provisional registration is granted to a unit at its pre- investment period to enable it to take necessary steps to apply for financial credit, land or an industrial set, water, power or telephone connections, etc.Provisional registration isEnables the unit to get the following incentives/concessions:
Permanent / Final Registration
A provisionally registered industrial unit when it is about to go into production is to apply for grant of Permanent / Final Registration and is given in perpetuity.An existing and functioning industrial unit is eligible to apply for Permanent / Final Registration without going into provisional registration processes.Enables the unit to get the following incentives/concessions:
Permanent Registration Certificate:How long does it take to obtain MSME registration?
MSME Registration process is state specific. Therefore based on the state, the MSME Registration processing time differs. MSME Registration can typically be obtained in 10 - 15 working days.
What is the validity of a MSME Registration?
MSME Registration is first provided as a Provisional Registration Certificate with a validity of 5 years. Once, the unit has commenced production, a Permanent Registration Certificate is issued which is valid for lifetime of the entity.
What are the benefit/ advantage of registration under Micro, Small and Medium Enterprises Development (MSMED) Act?
The registration under MSMED is for facilitating the promotion and development and enhancing the competitiveness of Micro, Small and Medium enterprises.The Act provides for the payment of compound interest at 3 times the Bank Rate by the Buyer in case of failure to make the payment with in maximum of 45 days from the date of receipt of goods or services.Enterprises registered with the MSMED Act enjoy interest rate concession and their borrowing is classified under Priority Sector Lending. Enterprises registered with the MSME act are also allowed to avail a number of subsidies and schemes floated by the State and Central Government. Some of them include, subsidy for ISO registration, subsidy for obtaining International patents, subsidy for participating in tradeshow, subsidy for implementing barcode on Products, etc.,
Disclosure of delayed payment in audited accounts
Where any buyer is required to get his annual accounts audited under any law for the time being in force, such buyer shall furnish the following additional information in his annual statement of accounts, namely:
Disallowance of interest under Income Tax Act, 1961
Can foreign contribution be mixed with local receipts?
No. Foreign contribution cannot be deposited or utilized from the bank account being used for domestic funds.
Can foreign contribution be received in rupees?
Yes. Any amount received from 'foreign source' in rupees or foreigncurrency is construed as 'foreign contribution' under law. Such transaction even in rupees term are considered foreign contribution.
Will interest earned from foreign contribution be considered foreigncontribution?
If an application for registration or prior permission is submitted onlineby an association, does it need to submit that application in physical form also?
Yes. When an application is filed online, a printout of the same may betaken after submission and thereafter, it should be submitted, duly signed,along with the requisite documents to the Ministry of Home Affairs. Theprescribed forms for submission of application for grant of Registration andPrior Permission are FC3 and FC4 respectively.
What are the common offences, which are subject to severe penalty and punishment?
NGO’s receiving foreign contributions should guard against violating the provisions of FCRA. The following are a few common offences, which aresubject to severe penalty and punishment:
Who are liable Persons liable for punishments under?
The provisions of the Code of Criminal Procedure, 1973 shall apply in so far as they are not inconsistent with the provisions of this Act to all seizures made under this Act Persons liable for punishments under FCRA The following persons may be liable to penalties and punishments depending on the nature of the offences:
What are the Penalties punishments under FCRA?
To sum up the discussions: Violation of FCRA can attract severe penalties which could be as under :
Private Limited Companies are those types of companies where minimum number of members is two and maximum number is two hundred. A private limited company has the limited liability of members but at the same time it has many characteristics as those of a partnership firm. A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Identifying marks of a private limited company are name, number of members, shares, formation, management, directors and meetings, etc., The maximum number of directors shall have to be mentioned in the Articles of Association. In the grand of privileges and exemptions, the Companies Act has drawn a distinction between an independent private company and other private company which is a subsidiary to the other public company.
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