The Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 contains provisions of Delayed Payment to Micro, Small and Medium Enterprises (MSEs). (Section 15- 24). State Governments to establish Micro and Small Enterprise Facilitation Council (MSEFC) for settlement of disputes on getting references/filing on Delayed payments. (Section 20 and 21)
You can get your MSME registration now, Aadhaar card and pan card are required to be submitted to get your Registration. The MSME Registration Process will be fully online through the Udyam portal, and enterprise details like GSTIN approval and Income Tax numbers linked to GSTIN are available in the portal instantly. The Indian government has taken steps to ensure that all companies, including MSEs (Micro, Small, and Medium) get registered on the Udyam Registration Portal integrated with the Income Tax and GST Systems. GST is not compulsory for enterprises that do not require a GST registration under the GST law. The enterprises that need to compulsorily obtain GST Registration under the GST regime need to have GST registration for obtaining Udyam Registration. The registration process for MSMEs can be done in the Udyam Registration Portal by clicking on “For New Entrepreneurs who are not Registered yet as MSME or those with EM-II.”
According to the MSMED Act, 2006, also known as Micro, Small and Medium Enterprises Development Act:
MSME in the manufacturing sector can be identified if:
1. Micro enterprises – The investment doesn’t exceed Rs 25 lakh
2. Small enterprises – The investment is more than Rs 25 lakh but doesn’t exceed Rs 5 crore
3. Medium enterprises – The investment is more than Rs 5 crore and doesn’t exceed Rs 10 crore
4. MSME in the service sector can be identified if:
5. Micro enterprises – The investment doesn’t exceed Rs 10 lakh
6. Small enterprises – The investment is more than Rs 10 lakh but does not exceed Rs 2 crore
7. Medium enterprises – The investment is more than Rs 2 crore but doesn’t exceed Rs 5 crore
1. Aadhar number.
2. PAN number.
3. Address of the business.
4. Bank account number.
5. The basic business activity.
6. NIC 2-digit code.
7. Investment details (Plant/equipment details).
8. Turnover details (as per new MSME definition).
9. Partnership deed.
10. Sales and purchase bill copies.
11. Copies of licenses and bills of purchased machinery.