A new process of classification and registration of MSME Enterprises was launched on July 1, 2020 under the name of ‘Udyam registration’. The Union Ministry of Micro, Small and Medium Enterprises (MSME) had made the announcement regarding the same through a notification on June 26.
Highlights of the Process
- A registration number will be given after completion of the entire process and Udyam Registration Certificate will be issued.
- The Udyam Registration Certificate will have a dynamic QR Code from which the web page on the Portal and details about the enterprise can be accessed. There will be no need for renewal of the registration.
- The PAN & GST linked details on investment and turnover of enterprises will be taken automatically from the respective Government databases.
- The MSME Ministry’s online system will be fully integrated with Income Tax and GSTIN systems.
- The MSMEs that have EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME, will also have to re-register themselves on the portal.
- No enterprise will be allowed to file more than one Udyam Registration. Any number of activities including manufacturing or service or both may be specified or added under one Registration.
- The government’s facilitated mechanism – single window systems at Champions Control Rooms and DICs will help people in this process.
- The registration process will be completely free of cost, no fees will be required to be paid for the same.
This is all about the basics of Udyam Registration. Once your MSME is registered under udyam you would need business software to manage daily business transactions. EZO is an all purpose Accounting software as well as a business app that helps in Billing, Inventory management, Banking, Invoicing and much more.