GSTIN became one of the mandatory requirements for registration on the portal on April 1, 2021, as announced on November 26, 2020. Therefore, several MSME organizations reported that the requirement of a GSTIN is affecting the registration process. To resolve this, the Government announced the excellent news of simplified MSME Udyam registration. In this article, we will learn about How MSME Udyam Registration is simplified. Furthermore, we will also learn other important information related to it.
MSME refers to Micro, Small, and Medium Enterprises, and it helps businesses grow and prosper by providing numerous benefits and schemes.
Therefore, enterprises wanting to receive the benefits from the federal or state governments and the banking sector must get MSME Udyam Registration.
Advantages of MSME Udyam Registration
There are many benefits from the Government as well as the banking sector. Some of the most important ones are as follows.
- Low-Interest rate
- Easy loan in 59 minutes
- No delayed payment
- Tender Eligibility
- Credit Support Schemes and Low in Trademark Government Fees
To summarize, this is a positive step by the Government to ease the MSME Registration. This ease of registration will benefit multiple micro-enterprises, including professional craftsmen and artisans, and other informal enterprises.
MSME Udyam registration, GSTIN not mandatory, and a PAN card can be used
On July 1, 2020, the Central government implemented a paperless platform to make MSME registration easier.
The portal’s goal is to provide a single-page registration process that takes less time and simplifies registering any MSME.
GSTIN became one of the mandatory requirements for registration on the portal on April 1, 2021, as declared on November 26, 2020.
However, Several MSME organizations reported that making GSTIN mandatory has hindered the registration process. Organizations stated that many businesses are under exclusion from submitting GST Returns by the GST Act/notifications and requirements.
Besides, they pointed out that some MSME’s annual turnover is below the threshold for exclusion from GST registration under the Acts. In the interest of those businesses requiring not to file returns, the Ministry of MSME announced on March 5 that the Government would simplify the mandatory requirement for Udyam Registration.
Now, the announcement is the owner may register the business using his or her PAN. As a result, the Udyam Registration portal has got a tremendous response from stakeholders.
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