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Previously known SSI registered entities are now known and registered as MSME, i.e.; Micro, Small and Medium Enterprises. MSME stands for Micro, Small and Medium enterprises, categorized based on the annual revenue in business. These entities possess MSME registration certificate, registered with MSME Department of the Central Government under MSME Development Act, 2006. The Act was enacted for the promotion and growth of the businesses operating at small or medium scale.
Where all major activities were eligible for registration under MSME earlier, trading and other few activities are now specifically excluded from eligibility. Although the registration is voluntary, businesses prefer to obtain MSME registration online due to numerous benefits declared by the government.
Loan support to Micro, Small and Medium industry is promoted by the government through -distinctly prescribed norms. The registered entity would be able to get their loans passed at a lower rate of interest and with much ease because of the subsidized rates offered to MSME registrants.
Government fees on Trademark Application for entities such as Company, Partnership Firm and LLP are higher compared to individual and proprietorship firms. These entities may claim 50% rebate on the Government fees by submission of MSME registration certificate.
MSME registered businesses enjoy protection against delayed payment of buyers. When the buyers have accepted the goods or services, they are liable to pay on time.
This is also known as Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE). It is more supportive to small scale industries that provide the credit and income input from various sources to support industries which are under struggle.
You will find yourself working in a true partnership that results in an incredible experience, and an end product that is the best.
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