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What Is MSME?

MSME full form is the "Ministry of Micro, Small and Medium Enterprises". It is a branch of the Government of India. It is the apex body for formulating and administering micro, small and medium-sized business rules regulations and laws in India.

The Ministry of Small Scale Industries and Agriculture and Rural Industries was established in October 1999. In September 2001, the Ministry was divided into the Ministry of Small Scale Industries and the Ministry of Agriculture and Rural Industries. The President of India amended the rules of the Government of India (Allocation of Business) in 1961, pursuant to a notice dated 9 May 2007. In accordance to this amendment, they were merged into one ministry.

Facilities provided by MSME include:

  • Testing, tooling, learning for the growth of entrepreneurship.

  • Project planning and product profiles.

  • Technical and management consultancy.

  • Export assistance.

  • Pollution and energy audits

Why Register For MSME?

  • Priority Credit: Is MSME beneficial in loans?
    Whether you're a proud owner of a state-of-the-art technology business or a small scale packaging company, employing rural women, credit, and making loans is something that your business will undoubtedly require for long-term and short-term funding. Banks, in accordance with the directions issued by Reserve Bank of India, have certain allocated funds which must be made available on a mandatory basis to MSME companies.

  • Fewer interest rates and access to higher credit: In the absence of collateral protection (any property/cash provided as leverage against a loan), it may be extremely difficult for many business owners to secure a loan to start in their industry. With an MSME registration on MSME portal, all banks are specifically instructed to offer loans at lower interest rates than standard, and this can be used by multiple banks to meet their financing requirements.

  • Exemption from income tax: In the absence of this certification, there are several advantages that can save a big sum that can be taxable. Businesses have the advantage of a statutory tax base, which relieves one from keeping comprehensive account books and auditing procedures.

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