GST Registration and PAN Card mandatory for Udyam Registration
The Ministry of MSME on 1st of July 2020 launched the Udyam Registration website to allow MSMEs to recognize themselves as UDYAM which is a new Identification Number that defines a business as an Micro, Small and Medium Enterprise (MSME).
This is required for New Entrepreneurs to Register themselves as MSMEs or Existing MSMEs need to re-register to gain all the benefits offered by the Government of India, Banks or any other systems to MSMEs.
According to the Ministry of MSME, Udyam Registration can be filed online based on self-declaration with no requirement to upload documents, papers, certificates, or proof.
However, the portal also cites that this is temporary and every business should obtain a PAN card and register for GST before 31st March 2021 and update them in the Udyam Registration portal. After 1st April 2021 any Udyam not having the PAN or GST, will have its Udyam Registration Number revoked.
Hence for Businesses who Currently do not have GST will have to register for GST even though they do not come under the Minimum Revenue Bracket for GST i.e. Rs. 20 Lacs for Services and Rs. 40 lacs for Manufacturing if they want to register into Udyam Registration and take all the benefits of MSMEs
Do you already have Udyam Registration?
In case of an already existing Udyam registration, you need to register for GST at the earliest. LegalDocs provides GST registration at affordable costs with an easy documentation process.
Avoid cancellation of your MSME Registration