We'll talk about how Udyog Aadhar registration has been renamed Udyam registration by MSME. The MSME programmes of the Indian government or the governments of your respective states would be available to you once the Udyam has been registered.
Documents required by the government before applying for a New Registration
Section 1: OTP Verification for Aadhar (Fields 1 & 2)
Verifying the applicant's Aadhar Number and Name against their Aadhar card is the initial step. The applicant must be the organization's principal and authorized signatory.
An OTP will be issued to the mobile number associated with the Aadhar Card once the details have been entered and the VALIDATE & GENERATE OTP button has been clicked.
Section 2: VERIFICATION of Pan (Fields 2, 3 & 4)
The next step is to confirm your PAN CARD after providing your Aadhar Number. After the PAN card has been verified, submit information on whether you have filed your most recent ITR and whether your organization has registered for a GSTIN.
Section 3: Applicant Details (Fields 5 – 10)
This part compiles the applicant's Basic Information. Information about the organization, applicant information, and contact information are included.
Section 4: Organization Location (Fields 11, 12 & 13)
The location and address where the organization's and its execution centers conduct business.
Section 5: Other Organization Details (Fields 14-19)
This section gathers all further information about the organization, including its founding dates, previous registration information, status, the number of employees, the type of business, and the NIC codes for all of its goods and services.
Section 6: Investment Criteria of the Organization
The investments made for the organization's capital assets are described in this section. If the PAN is linked, this information is taken from the ITRs 3, 5, and 6, otherwise it must be self-declared.
Section 7: Other Details (Fields 22, 23 & 24)
These are additional information to contact with public and governmental authorities. The majority of them are Yes/No questions, and depending on the owner's desire, they are recorded.
Section 8: Acceptance and Generation of E-Certificate
Final approval of the submitted paperwork is required in order to obtain the final OTP needed to produce the e-certificate.
The Udyam registration certificate can be obtained by any business entity that satisfies the minimum turnover and investment (in equipment and machinery) requirements for MSMEs in India. The following table lists the requirements for a company to be considered an MSME in India:
|Type of Enterprise
|Annual Turnover Criteria
|Does not exceed ₹1 crores
|Not exceeding ₹5 crores
|Does not exceed ₹10 crores
|Not exceeding ₹50 crores
|Does not exceed ₹50 crores
|Not exceeding ₹250 crores
Conclusion: From the above article we understand the Udyam registration programme is a helpful one for India's small and medium-sized businesses. Businesses who sign up for Udyam can take advantage of a number of advantages, including as access to government programmes and incentives, bank loans and credit facilities, protection against payment delays, quicker dispute resolution, and improved marketability and visibility.
The above article has been written by Mr. Omkar Bandivdekar (CMA Aspirant) and reviewed by Mr. Suyash Tripathi (Chartered Accountant) and they can be reached at firstname.lastname@example.org and email@example.com .