MSMEs allow individuals of a country to contribute to society by producing new jobs and diversifying a region’s gross domestic product (GDP). They have also gradually and steadily regenerated the artisan class in India’s outer reaches by giving jobs, loans, and other services to the artisan class. They also continuously promote technological advancements, infrastructure growth, and the modernization of the country and our society as a whole.
In terms of statistics, micro, small, and medium firms account for 30% of the country’s GDP, 45 percent of manufacturing production, and nearly half of the country’s exports.
It’s because of this that they’re so important to our economic development, and why they’ve been in the news frequently since the pandemic began in early 2020. As the pandemic fades and the economy gradually recovers, business owners will have more opportunities to complete MSME REGISTRATION IN PUNE and take advantage of a variety of benefits.
The section below summarises some of the additional advantages of completing your MSME REGISTRATION IN PUNE under the requirements of these laws.
All and MSME REGISTRATION IN PUNE or in India now has access to collateral-free credit, according to the Indian government. This initiative provides funding to micro and small businesses. Benefits can be claimed by both old and new businesses under this program. The Government of India, SIDBI (Small Industries Development Bank of India), and the Ministry of Micro, Small, and Medium Enterprises established the Credit Guarantee Trust Fund Scheme to ensure that the Credit Guarantee Scheme is implemented for all Micro and Small Enterprises.
2. Patent Registration Subsidy
All MSME REGISTRATION IN PUNEor in Indian Cities are eligible for a 50 percent rebate on patent registration fees under existing laws. Small enterprises and firms are encouraged to keep inventing and working on new initiatives and technology as a result of this. Subsidies are available by applying to the appropriate ministries.
3. Interest Rate Exemption for Overdrafts
In a system that varies from bank to bank, businesses and firms classified as MSMEs can get a 1% discount on their OverDraft. This makes it easier for small firms to stay afloat under bad market conditions.
4. Eligibility for Industrial Promotion Subsidies
Businesses that have been designated as MSMEs are eligible for government-funded Industrial Promotion subsidies.
5. No-Payment Protection (Delayed Payments)
MSMEs are continuously at risk of late payments, which disrupts their entire operation. To protect registered businesses, the Supreme Court ruled that any buyer of products or services from a registered MSMEs must pay on or before the agreed-upon payment date, or within 15 days of accepting the goods or services. If a buyer delays payment for more than 45 days after accepting the products or services, the customer will be required to pay interest on the agreed-upon sum. The interest rate is three times the Reserve Bank of India’s published rate.
6. Electricity bills are lower
All businesses with an MSME REGISTRATION IN PUNE or any other Indian city are eligible for electric bill discounts. This allows firms to increase output and take on more orders without having to worry about capital costs such as electricity and maintenance. The concession is available to micro, small, and medium businesses who submit an application to the Department of Electricity along with their certificate of registration.
7. Reimbursement of ISO Certification Fees
Any registered micro, small, or medium business can request reimbursement for expenses incurred in obtaining ISO certification. This encourages entrepreneurs to get their enterprises ISO accredited, which allows them to do business internationally and export high-quality goods.
Legal way LLP, Pune is serving all upcoming and regular businesses for MSME REGISTRATION IN PUNE, regular up-to-date bookkeeping, submitting documentation, tax returns filing since its incorporation in October 2013. We also support start-ups to get required business registrations, licenses, and tax registrations