Medium Enterprises (MSME) can register themselves under the MSMED Act. It isn't necessary, but very beneficial to do so, as it only exists to offer benefits to those registered under it. These benefits include priority sector lending, excise and direct tax exemptions, capital investment subsidies and power tariff subsidies. To qualify as an MSME, manufacturing enterprises need to have investment of less than Rs. 10 crore in plant and machinery, while service enterprises must have no more than Rs. 5 crore invested in plant and machinery. If, at any time, you cross this investment limit, you need to cancel your registration under the MSMED Act.
MSME CODE is the biggest tax reforms in india .The business turnover of the company does exceed 20 lacs ( 10 lacs for NE and hill states) is required to register .
Every nation’s economic hopes are pinned on its young, small businesses. The Indian government, with this in mind, offers numerous benefits to such organisations (cheaper credit, easy loan approval, tax exemptions, etc), so that they can achieve growth at a much faster pace and without enduring hardships. To avail of these benefits, the organisations that qualify must get an MSME or SSI Registration (regulated by the MSMED Act). This registration is among one of the easiest of government registrations to be granted.
The SSI Registration is only needed to avail of subsidies and benefits. It is absolutely voluntary. However, as it is a fairly easy registration to get quickly (provided you have a manufacturing plant or a commercial space where you render services), many business opt for it over other registrations.
This is because you can avail of a Provisional SSI Registration Certificate (PRC). The PRC will enable the unit to obtain term loans and working capital under priority sector lending and make it easier to procure various NOCs and clearances from regulatory bodies, such as Pollution Control Board.
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