MSME Registration
Micro, Small and Medium Enterprises serve as the backbone of the Indian economy. Their individual growth helps the country grow economically and flourish as a whole. They are governed under the MSME Development Act, 2006. Though getting registered online for such enterprises isn't mandatory, but it's advisable because of the benefits it provides.
Advantages of MSME Registration
- Tax & Other Subsidies: The Government provides various income tax and capital gain tax subsidies to registered MSMEs.
- Reduced Patent Cost: Numerous rebates and concessions are provided to reduce the cost of attaining a registered patent.
- Lowered Interest Rates: The interest rates on bank loans for MSMEs are lower than the interest rates offered to other enterprises.
- Credit Accessibility: The Government provides collateral-free loans for facilitating business operations.
- Tender Accessibility: A variety of government tenders are accessible only to registered MSMEs, which makes tender procurement fairly easier.
