MSME Registration Services in Purnea, Bihar

Micro, Small and Medium Enterprises (MSME) is mostly known as Ministry of Micro, Small & Medium Enterprises. MSME falls under micro, small & medium sized enterprises. Micro, Small and Medium Enterprises are the strength of any economy and are an engine of economic growth. So, with the help of several schemes and subsidies, the Government of India promotes MSME through MSMED Act. And MSME registration is needful to avail the benefits under the MSMED Act from the banking sector, central or state Government. MSME registration is simply an optional registration that provides Micro, Small and Medium sized enterprises with various benefits like subsidies and schemes. Micro, Small and Medium Enterprises (MSME) is classified in two categories that is manufacturing enterprises where the enterprises engaged in the production or manufacture of goods and service enterprises in which the enterprises engaged in the business of providing or rendering of services or in simple words, it is defined in terms of investment in equipment. Now you can get MSME registration very easily through Avyud Consultancy.

One of the major struggles that the small scale industries face is credit and input of income from several sources to support them.

Benefits from State Governments: Most states offer those who’ve registered under the MSMED Act subsidies on power, taxes and entry to state-run industrial estates. In particular, there is a sales tax exemption in most states and purchase preference on goods produced.

Benefits from Central Government: The central government, from time to time, announces schemes to benefit MSMEs, such as the credit guarantee scheme

Why MSME Registration are Important for Small Business ?

Micro, Small and Medium Enterprises (MSME) registration is certainly important for developing the transparency and answerability of the above-mentioned industries, Government of India has principally categorized these industries which is known as MSME- Micro, Small and Medium Enterprises. MSME is concretely an authorized body that helps in promoting these industries throughout the country with the help of governmentally legalized Act. One of the unique advantage of MSME registration is that it authorizes numerous incentives and incentives to industries included under MSMED Act. In order to subscribe under MSME, a MSME registration procedure is mandatory. Apart from the enterprises as mentioned above, some firms, public and private limited companies, LLPs are also eligible to apply for registration under MSME to avail its benefits.

Micro, small and medium enterprises (MSMEs) power India, accounting for almost 40% of gross industrial value and 45% of total direct and indirect exports. Hence, the government has introduced various schemes and aids to ensure the MSME lead a struggle free existence in the country, and also contribute, to the Indian Economy. Some of these schemes have been initiated by the central government, while others are promoted by the state government. To avail of them, however, you need an Udyog Aadhar registration.

• If a memorandum is filed by the MSME, then it is liable to timely payments by the buyer.
• Certain exemptions under Excise Scheme and Direct Tax Laws are provided.
• Finance from banks is easy to obtain due to the Government support. The lower rate of interests is also observed.
• Preference is given in Government tenders and a concession in electricity bills is also given.
• Statutory support is provided. It includes reservation and interests on The Delayed Payments Act
• There are about twenty items reserved exclusively for MSE sector (Micro and Small Enterprises sector). They can manufacture any item including these twenty items as per their convenience.
• There is a separate council, Micro and Small Enterprises Facilitation Council (MSEFC). The application can be made to the council at the time of any dispute by the MSE sector.
• They are liable to credit facilities like Cash Credit, Term Loan, Letter of Credit, Bank Guarantees, and Composite loan.

The following enterprises can register for MSME

1. Manufacturing Enterprises: The enterprises engaged in the manufacture to production of goods pertaining to any industry or employing plant & machinery in the process of value addition to the final product can register under MSME
2. Service Enterprises: The enterprises engaged in providing or rendering of services can register under MSME.

No, MSMEs include only manufacturing and service enterprises. Trading firms are not allowed to access the MSME scheme. MSME is about promoting start-ups with subsidies and benefits; Such companies act as an intermediary between the manufacturer and the customer. Thus, they fall out of the purview of MSME registration.