The Micro, Small, and Medium Enterprises (MSMEs) play a significant role in India’s economic landscape, serving as integral components of the supply chain for goods and services. This sector not only generates employment opportunities but also contributes to the industrialization of rural and underdeveloped regions. According to the National Sample Survey (NSS) 73rd round in 2015-2016, there were approximately 633.8 lakh unincorporated non-agricultural enterprises in the country, engaging in various economic activities and employing 11.10 crore workers.

While obtaining MSME online registration is not mandatory, it is highly recommended for small and medium enterprises due to the numerous advantages it offers. These benefits include lower interest rates, tax subsidies, capital investment subsidies, and various forms of government support.

Yourlawyer can assist your business in obtaining online MSME Registration to access these benefits in Delhi NCR, Mumbai, Bengaluru, Chennai, and other Indian cities.

The MSME sector was introduced in India in 2006 and has since evolved. Some service sectors that were initially excluded from this sector have been incorporated into the definition of Micro, Small, and Medium-sized Enterprises, marking a significant change in the Act. To further facilitate the sector’s growth, the government has streamlined the MSME online registration process, making it paperless.

The advantages of MSME registration encompass priority sector lending, power tariff subsidies, capital investment subsidies, as well as excise and direct tax exemptions. To qualify under the MSME Act, the following conditions must be met:

1. Manufacturing enterprises that have invested less than 10 crores in machinery and plant are eligible for MSME registration.
2. For service enterprises, the investment in plant and machinery should not exceed 5 crores.
3. If your enterprise surpasses the maximum limit in the future, it will no longer qualify as an MSME.