MSME stands for Micro, Small, and Medium Enterprises. The registration of MSME is a voluntary process that provides a legal identity to such businesses and allows them to avail of various benefits provided by the government.
MSME registration provides several benefits to small and medium enterprises. Some of the benefits are as follows:
Collateral-free loans: MSMEs registered under the scheme are eligible for collateral-free loans from banks and financial institutions.
Subsidies: MSMEs are eligible for subsidies under various government schemes such as the Credit Guarantee Fund Scheme for Micro and Small Enterprises.
Tax benefits: MSMEs can avail of various tax benefits such as exemption from certain taxes, including excise duty, sales tax, and direct taxes.
Credit linked capital subsidy: MSMEs can avail of the credit linked capital subsidy scheme, which provides a subsidy on the capital expenditure incurred on technology upgradation.
Reservation of products: MSMEs are eligible for the reservation of products produced by them under the Public Procurement Policy.
Time-bound resolution of disputes: MSMEs can approach the Micro and Small Enterprises Facilitation Council (MSEFC) for the resolution of disputes with their buyers.
Marketing assistance: MSMEs can get assistance from various government agencies for marketing their products and services.
These benefits make MSME registration an attractive option for small and medium enterprises, and it is advisable for them to register under the scheme to avail of these benefits.
How we work?
Chose a Plan
Get estimate and Make Advance Payment
Upload the documents
Get your services done
Unlocking Financial Success Together: The Forum for Chartered Accountants