What is an MSME Company?
Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore. New definition of MSME, View Notification. Website Content Owned and Managed by Ministry of Micro, Small & Medium Enterprises, Government of India Designed, Developed and Hosted by National Informatics Centre( NIC ) Last Updated: 01 Feb 2023.
Who is eligible under MSME ?
Individuals are not eligible to apply for MSME registration. MSME registration is open to any proprietorship, partnership business, corporation, trust, or society with an investment of less than Rs. 50 crore and an annual revenue of less than Rs. 250 crore.
What is MSME used for?
Being a micro, small, or medium enterprise grants access to these venues for international cooperation on trade-related issues with various countries and encourages new commercial relationships. The government also provides subsidies, tax breaks, and technical assistance to MSMEs exporting goods and services.
Ten benefits of MSME registration
1. Bank Loans : Collateral-free.
2. Access to International trade
3. Lower rate of interest from banks
4. Subsidy on patent registration
5. Tax exemption
6. Protection against delayed payments.
7. Concessions on Electricity bill payments.
8. Reimbursement of ISO certification
9. Marketing and promotion assistance from the government
10. Technology up gradation support to MSME.