Even if the Company is in the manufacturing line or the service line, registrations for both these areas can be obtained through the MSME act. This registration is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.
BENEFITS OF MSME REGISTRATION
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
There are various tax rebates offered to MSME
It also allowed credit for minimum alternate tax (MAT) to be carried forward for up to 15 years instead of 10 years
There are many government tenders which are only open to the MSME Industries
They get easy access to credit
Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available
Business registered under MSME are given higher preference for government license and certification
There is a One Time Settlement Fee for non-paid amounts of MSME.
MSME Certificate Process
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