Benefits of MSME Registration
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.
- Due to the MSME Registration, the bank loans become cheaper as the interest rate is very low around ~ 1 to 1.5%. Much lower than interest on regular loans.
- It also allowed credit for minimum alternate tax (MAT) to be carried forward for up to 15 years instead of 10 years.
- Once registered the cost of getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available.
- MSME registration helps to acquire government tenders easily as Udyam Registration Portal is integrated with Government e-Marketplace and various other State Government portals which give easy access to their marketplace and e-tenders.
- There is a One Time Settlement Fee for non-paid amounts of MSME.
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MSME schemes launched by the Government are
Technology And Quality Upgradation Scheme
Registering in this scheme will help the micro, small, and medium enterprises to use energy-efficient technologies (EETs) in manufacturing units so as to reduce the cost of production and adopt a clean development mechanism.
Credit Linked Capital Subsidy Scheme
Under this scheme, new technology is provided to the business owners to replace their old and obsolete technology. A capital subsidy is given to the business to upgrade and have better means to do their business. These small, micro and medium enterprises can directly approach the banks for these subsidies.
Grievance Monitoring System
Registering under this scheme is beneficial in terms of getting the complaints of the business owners addressed. In this, the business owners can check the status of their complaints, open them if they are not satisfied with the outcome.
This scheme helps innovators with the implementation of their new design, ideas or products. This scheme provides financial assistance for setting up ‘Business Incubators’. This scheme promotes new ideas, designs, products etc.