What is the new site created by the Modi administration, and why do MSMEs need to register?
Current EMs part II and/or UAMs granted to MSMEs before June 30, 2020 will be valid till March 31, 2021, according to the Reserve Bank of India (RBI).
According to data from the MSME Ministry, as of June 2, 2021, the government’s free MSME registration platform Udyam Registration had registered 31.56 lakh businesses.
According to the MSME Ministry’s annual report 2020-21, there were 1.02 crore Udyog Aadhaar Memorandum (UAM)-registered MSMEs between September 2015 and June 2020.
What is the Udyam Registration Portal’s purpose?
Small scale industrial units had to register with District Industries Centres prior to the MSME Development Act of 2006. (DICs). According to the act’s requirements, entrepreneurs must file an Entrepreneur Memorandum (EM) part-I at DICs before forming an MSME, and an EM-II after beginning production operations. Udyam Registration has taken the role of UAM.
How can I create a new business account on the portal?
Entrepreneurs may register their firms using Udyam Registration, which is a paperless and free self-declaration portal. Other than their Aadhaar number, businesses are not needed to show any documents or evidence of registration. According to Udyam Registration, the portal would quickly gather PAN and GST-related data on investment in the firm because it is linked to the Income Tax and GSTIN systems. MSMEs are given a permanent registration number and a certificate when they register. The certificate has a QR code that may be used to obtain corporate information.
What about companies that are already up and running?
Businesses that currently have an EM-II or UAM registration must re-register. Importantly, the Reserve Bank of India (RBI) announced last year that current EMs part II and/or UAMs obtained by MSMEs before June 30, 2020 will be valid until Dec 31, 2021, even if they were needed to register under the Udyam Registration scheme on or after July 1, 2020. A fresh registration, on the other hand, will not be required.
“The new Udyam platform will make registering new businesses much easier. The DIC’s document submission system will be integrated into the same portal.”
Online Udyam Registration for a Sole Proprietorship Company
In India, the most common legal entity is a sole proprietorship firm. To take advantage of government programmes, you must first apply for an Udyam Registration. The government of India has introduced a new MSME scheme.
In today’s blog post, we’ll discuss Udyam Registration for a sole proprietorship firm and the documents needed for it.
What Does Udyam Registration Mean?
Udyam Registration is a new MSME registration process that was initiated by the Indian government on July 1, 2020, with the aim of simplifying the old Udyog Aadhaar/MSME registration process..
How to Apply for a Sole Proprietorship Firm’s Udyam Registration?
By following the simple steps outlined below, you can easily register your sole proprietorship firm with Udyam Registration:
Step 1: Go to the Udyam Registration Portal.
Step 2: Fill out the form .
Step 3: Pay for your udyam proprietorship firm application online.
Step 4: Our expert will review your udyam application.
Step 5: You will receive your Udyam certificate for your proprietorship firm in your registered email address within 1-2 hours.
What are the document Required for registration:
Check what documents you’ll need for udyam registration for your sole proprietorship company.
Aadhar card.
Gstin number.
PAN Card.
What about businesses that are already operational?
Businesses that are presently registered for the EM-II or UAM must re-register. The Reserve Bank of India (RBI) declared last year that current EMs part II and/or UAMs received by MSMEs before June 30, 2020 will be valid until Dec 31, 2021, even if they were required to register under the Udyam Registration system on or after July 1, 2020. On the other hand, there will be no need to register again.
“The new Udyam platform will make it considerably easier to register new firms. The method for submitting documents to the DIC will be incorporated into the same site.”
Suggested, Read- Udyam Registration portal
GSTN requirements for Udyam registration have been eased:
GSTIN was designated as one of the essential requirements for registration on the Udyam Registration Portal, with effect from 01.04.2021, as defined and detailed in the Notification dated 26.06.2020. However, a number of MSME associations have expressed concern that the necessity of obtaining a GSTIN is affecting the registration process because many businesses are excluded from the obligation of filing GST Returns under the GST Act/notifications. The annual turnover of a substantial fraction of MSME may be less than the threshold limit for exemption from GST registration under the GST Act. The subject was investigated, and on March 5, 2021, the Ministry of MSME issued a notice aligning the obligatory requirements for filing Udyam Registration with those for filing GST Returns, in the benefit of those businesses that are not required to file returns. GSTIN Isn’t Required for MSME Udyam Registration
