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MSME Registration By Top Lawyers (manufactures, services, and mines) are new and dynamic industries in India. They are growing at a faster rate than the GDP. However, there is still a lot to be done to make them a success. For example- many MSMEs are still unlicensed and have no way to get started. Other companies are operating illegally and don’t pay their fair share of taxes. Over time, this lack of regulation has cost the country a lot of money and created unfair opportunities for businesses.
MSME Registration are different from other industries in several ways. First, they’re small- most are only 20 workers or less. Second, they’re new- many have only been around for 10 years or less. Finally, they’re dynamic- many of these industries are growing at a faster rate than the GDP. All these factors make MSMEs an ideal target for development. By helping them succeed, India can reap the benefits of its hard work.
Registration is mandatory for all MSMEs and requires government approval. For starters, every company must register with the Registrar of Companies in India. Every business has a separate registration number- this number determines where your business is registered and what entity it belongs to. Every year you must renew your registration with the government by paying an annual fee- failure to do so results in fines for violators.
MSMEs are an excellent avenue for growth; they offer new jobs and opportunities for small business owners. The registrations give a boost to the new industries, which helps them grow into successful enterprises. Plus, having central standards keeps businesses honest and compliant with the law. Ultimately, registering an MSME is easy – as long as you follow the rules!
The Government of India, Ministry of Micro, Small and Medium Enterprises vide Gazette of India, Extraordinary, Part-II, Section-3, Sub-Section(ii), Dated the 26th June, 2020 notified a composite criteria consisting of both investment and turnover as criteria for classifying the enterprises as Micro, Small and Medium Enterprises with effect from the 1st day of July, 2020.
In order to conform new definition of MSMEs and ease of doing Business this system would facilitate MSMEs for a permanent Registration i.e ‘Udyam Registration’.
Salient features:
details about the enterprise can be accessed.
Whoever intentionally misrepresents or attempts to suppress the self-declared facts and
figures appearing in the Udyam Registration or updation process shall be liable to such penalty as specified under section 27 of the Act.
The online system is fully integrated with Income Tax and Goods and Services Tax
Identification Number (GSTIN) systems, details on investment and turnover of enterprises are taken automatically from Government data bases. Exports are not taken as part of turnover calculation.
No enterprise shall file more than one Udyam Registration. However, any number of activities including manufacturing or service or both may be specified or added in one Registration.
Requirement for Registration:
Geting MSME registration in Lucknow its now easy with Legalmate India. We are no1 law firm in Lucknow. LegalMate provides you MSME registration in just one day with nominal documents. Hire us and get your MSME certificate. LegalMate has 8 years of experience in corporate sector, and has thousand of clients.