Udyam Registration Benefits
What is Udyam Registration?
As already declared by the Union Ministry of Micro, Small and Medium Enterprises (MSME), vide the Notification Dated 26th June, 2020, the new process of Classification and Registration of enterprises is starting from 1st July, 2020. An enterprise for this purpose will be known as Udyam and its Registration Process will be known as "Udyam Registration".
Benefits of Udyam Registration
Udyam registration plays a vital role especially for small and medium sizes of business throughout India. It is found that the overall economic growth of a nation largely depends on its small and medium size businesses.
Udyam registration online offers entrepreneurs to avail incredible advantages under the current MSME scheme of the Indian Government. One of the key benefits of registration is that you can easily get your business included in the state as well as central government business schemes. If you want to grab benefits of these government-run schemes, you need to go through the essential registration process
Following are some of the Benefits of Udyam Registration:
The business owner will get protection against delay in Payment.
Collateral free loans
You can also avail collateral free loans from the bank.
The business owner can avail octroi benefits.
Claim stamp duty and registration charges.
Rate of interest
Rates of interest from the banks can be reduced.
Concession in electricity
The business owner who opts for Udyog Aadhar can get a concession on Electricity bills.
Interest on OD
Exemption of 1 percent interest rate on Overdraft.
Can avail subsidy from NSIC and credit ratings & Eligible for IPS subsidy.
Reimbursement on the payment made for obtaining the ISO certificate.
Reservation of products for exclusive manufacturing by MSME and SSI.
Avail Excise Exemption Scheme.
Avail exemption while applying for government tenders.
Exemption under direct tax laws.
Enjoy easy bank mortgages.
Can become a part of International business fairs.
Benefits for States and Union territories
States and Union territories have their own package of facilities and incentives for small scale.
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