Small and Medium Enterprises (SME) are classified based on investment capital entity. It unders...
NIC Code is required by the MSMEs to fill the Udyog Aadhar form. Also, it is necessary at the time of incorporation of a company and LLP. The MSME stands for Micro Small and Medium Enterprises and any other business entities that fall under this category.
We are going to talk about NIC Code in detail in this article;
NIC Code is required by the MSMEs to fill the Udyog Aadhar form. Also, it is needed at the time of incorporation of a company and LLP. The MSME stands for Micro Small and Medium Enterprises and any other business entities that fall under this category.
We are going to talk about it in detail in this article;
National Industrial Classification Code (NIC Code) is a statically standard developed to make sure and analyze how each business entity takes part in the asset development of the government of India.
The NIC Code is required while filling the Udyog Aadhar form and also at the time of the registration of an LLP company. Let us know about it in detail:
Udyog Adhar: The applicant can choose NIC Codes from the choices provided to portray the nature of their business. The applicant can add multiple NIC Codes by clicking the “Add More” button after selecting “Manufacturing” or “Services” radio button.
Company/ LLP Registration: This code is needed to be filled at the time of the incorporation of a company or an LLP on the Ministry of Corporate Affairs portal.
MSME is the acronym given for and the enterprises which fall under these categories. The definition of MSME provided under the provision of Micro Small and Medium Enterprise Development Act, 2006 is classified in two classes, these are:
Manufacturing Enterprises: The firms involved in manufacturing or production specified according to the first schedule of Industrial Development and Regulation Act 1951, or setting up plants and machinery for upgrading the product quality.
Service Enterprises: Firms involved in the servicing sector is defined as service enterprises.
All these micro, small, or medium firms need to have Udyog Aadhar to start their business. So let us also learn about Udyog Aadhar. This is a twelve digit unique identification number for these type of firms given by the Ministry of Micro, Small and Medium Enterprises, Government of India. It was launched in September 2015. The registration process of Udyog Aadhar is free.
There is a set of NIC Codes defined related to retail shops. Let us learn about all these codes and what they are prescribed for:
Section P, Division 85 of NIC 2008 shows the NIC Codes for Education sectors. Group 851 has codes for primary education sectors. Group 852 has codes for Secondary Education sectors. Group 853 has codes for Higher Education sectors. Group 854 has codes for Other Education sectors. And Group 855 has codes for Educational support services.
Section P, Division 85 of NIC 2008 shows the NIC Codes for Extraterritorial organizations and Bodies. This class comprises of affairs of international organizations like the United Nations and its agencies, IMF, World Bank, European Commission, and OPEC, etc. The Code for these is 99000.
The NIC 2008 covers this concept under Section S, Division 96. This class includes activities like hair washing, trimming and cutting, setting dyeing, tinting, waving, straightening, and related activities for men and women. Shaving and beard trimming, facial massage, manicure and pedicure, makeup, etc. also are covered in this Section. The Code defined for these activities is 96020.
Government has launched/released NIC Codes for the registration of a company or an LLP or to obtain a Udyog Aadhar.
To access the full list of NIC Code, please refer the provided link: List of NIC Codes
The NIC Code is required for the registration of any company and an LLP. Also, it is needed at the time of filling the form for getting the Udyog Aadhar. This code is a classification system used for tracking the activities done by a company. Also, the objective of this code is to keep an eye on how much they contribute towards national wealth. NIC Code required by all businesses.
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