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MSME is an abbreviation for Micro, Small and Medium Enterprises. This form of entity is used by small scale industries and businesses. The majority of India has predominantly engaged in this sector apart from the Agriculture sector. Ever since Independence, this sector has developed at a rapid pace. This article is crucially going to analyse the benefits of MSME registration in India.
Table of Contents
It is a process in which the entity secures all the requirements to be in compliance with the laws of the land. This form of registration is crucial for all business entities engaged in the MSME and SSI sectors. Before we delve into the benefits of the MSME sector, let us first understand the eligibility criteria for MSME Sector.
The following eligibility criteria are required for the said registration in India:
The above table provides the eligibility criteria for MSME registration in India. This turnover ratio has been amended by the Finance Ministry Several times. In June 2020, this amendment came out with new criteria to suffice the requirement to start an MSME in India.
Benefits of MSME Registration in India
All types of entities are eligible to form an MSME. Be it a sole proprietorship company or a private limited company, all entities are allowed to carry out the registration process of the same.
The following are the benefits of MSME registration in India:
Hence an applicant needs to consider all the above benefits in mind when it comes to MSME registration process.
Read our article:Detail Explanation about MSME Registration Process & Who Need to Register?
Varun Hariharan has completed the Legal Practice Course from BPP Law School, Manchester. He has a Masters in Commercial and Corporate Law from the Queen Mary University of London and LLB Honours from Bangor University, UK. He specialises in law related to corporate, artificial intelligence and technology law.
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