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Whether MSME registration is mandatory & what are the Government schemes & benefits available for MSME?
MSMED Act regulating MSME/ SME in India has undergone a change with effect from 1.7.2020. New criterias for classification of Micro, Small & Medium Enterprise are based on combined criteria of turnover & investment in plant & machinery has been introduced.
Every type of business entity (proprietary, partnership firm, company, LLP) is eligible to register as MSME. Trading business entities are not entitled to register as MSME.
Government of India from time to time extends several benefits & scheme to businesses on its recognition as MSME. The major benefit is to have the debtors recovery within 45 days of invoicing.
Though MSME registration is not mandatory but considering the benefits & schemes available it is highly recommended for every eligible business entity to get register as MSME. For registration of existing & new business entities, free of cost Udyam Registration facility is available.
Our Biz Smart Executive is just a connect away to support you in MSME Udyam Registration & also to facilitate strategy on availing various scheme & benefits.