The new process of registration of Micro, Small and Medium enterprises has come into the effect by the name of Udyam Registration.
The MSME ministry also said that an MSME in India will now be called as Udyam as the term is more closer to the meaning of an enterprise.
To do this registration, filing can be done online based on self-declaration with no documents required other than Aadhar, said the ministry. It is also noteworthy that the Udyam systems have been integrated with IT and GST Systems.
The new definition of MSMEs
- A micro-enterprise where the investment in plant and machinery or equipment does not exceed 1 crore rupees and turnover does not exceed 5 crore rupees.
- A small enterprise as that where the investment in plant and machinery or equipment does not exceed 10 crore rupees and turnover does not exceed 50 crore rupees
- A medium enterprise, as one where the investment in plant and machinery or equipment does not exceed 50 crore rupees and turnover does not exceed 250 crore rupees.
Details of the registration process can be read here
Other important business news for MSMEs, Startups, and Freelancers in the week gone by
- Banks need to set aside credit for new firms, raise disbursements. Read more about it here.
- MSMEs may get up to Rs 1 lakh crore salary support. Read more about it here
- RIL AGM: Jio opens doors for Indian startups, offers tech and financial help. Read more about it here.
Our blog “Sales 101 for small businesses and freelancers” was read by hundreds of people the day it was made live and since then. Read it here.