Furthermore, in calculating the investment in plant and machinery, the cost of pollution control, research and development, industrial safety devices and such other items as specified by notification shall be excluded.
Benefits to the MSME’s
The Government of India through its various subsidies, schemes, and incentives promote MSMEs through the MSMED Act. To avail these benefits, Registration under the MSMED Act is required. The act provides the following benefits/incentives to the MSME’s:
1.Preference in procuring Government tenders: The Government of India, through its Public Procurement Policy for Micro and Small Enterprises Order, 2012 (“Public Procurement Policy”) provides that all Central Government Ministries, Departments, and Public Sector Undertakings shall procure minimum of 20 percent of their total annual value of goods or services from Micro and Small Enterprises, which has become mandatory from April 1, 2015. As per the Public Procurement Policy, Micro and Small Enterprises having registration with District Industries Centre or Khadi and Village Industries Commission or Khadi Village and Industries Board or Coir Board or National Small Industries Commission or Directorate of Handicrafts and Handlooms or any other body specified by Ministry of MSME (“Ministry”) are provided certain benefits under the Public Procurement Policy. However, vide Press Release dated 18th February 2016, for ease of registration of MSMEs, the Ministry has started Udyog Aadhar Memorandum which is an online registration system and all Micro and Small Enterprises having Udyog Aadhaar Memorandum shall be provided all the benefits available for Micro and Small Enterprises under the Public Procurement Policy.
Right of interest on delayed payment: Protection against the delay in payment from Buyers: The MSMED Act provides protection to Micro and Small Enterprises from delayed payments. It specifically provides that where a Micro and Small Enterprise supplies any goods or renders any services to a buyer, the buyer is required to make the payment on or before the date agreed upon by them and in no case, the period can exceed 45 days from the date of acceptance.
Right of interest on delayed payment: In the case where the buyer fails to make the payments, he shall be liable to pay compound interest with monthly rests to the supplier on that amount from the date falling after the due date, at three times of the bank rate notified by the Reserve Bank of India
Time-bound resolution of disputes with Buyers through conciliation & arbitration : MSMED Act provides that in case of any dispute arising out of non-payment of dues, Micro and Small Enterprises may refer the dispute to the Micro and Small Enterprises Facilitation Council, which shall conduct conciliation in the matter and where such conciliation does not give fruitful results and is terminated without any settlement thereof, the Council may itself take up the dispute for arbitration or refer it to any institution or centre providing alternate dispute resolution services.
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Document Required :-
1. Aadhaar Number -12 digit Aadhaar number issued to the applicant should be filled in the appropriate field.
2.Name of Entrepreneur– The applicant should fill his/her name strictly as mentioned on the Aadhaar Card issued by UIDAI.
3. Social Category-The Applicant may select the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes (OBC).
4. Gender-The Applicant can select gender of Entrepreneur
5. Physically Handicapped– The Applicant can select Physically Handicapped status of Entrepreneur
6. Name of Enterprise-The Applicant must fill the name by which his/her Enterprise is known to the customers/public and is a legal entity to conduct business.
7. Type of Organization– The Applicant may select from the given list the appropriate type of the organisation for his/her enterprise.
8. PAN Number -Limited and Limited Liability Partnership It The Applicant have to enter PAN Number in case of Co Operative,Private Limited, Public
9. Location of Plant-The Applicant may add multiple plant location in one registration by clicking Add Plant button.
10. Official Address-The Applicant should fill in the appropriate field the complete postal address of the Enterprise including State, District, Pin code, Mobile No and Email.
11. Email ID: Enter your email id.
12. Mobile No: Enter your mobile number
13. Date of Commencement- The date in the past on which the business entity commenced its operations may be filled in the appropriate field.
14. Bank Details- The Applicant must provide his/her bank account number used for running the Enterprise in the appropriate place.
15. IFSC Code: Enter Your bank IFSC code
16. Main Business Activity– enterprise for Udyog Aadhaar.The major activity i.e. either “Manufacturing” or “Service” may be chosen
17. Additional details about Business: Enter detail aboute your business.
18. Person employed– The total number of people who are directly been paid salary/ wages by the enterprise may be mentioned in the appropriate field.
19. lnvestment in Plant & Machinery – While computing the total investment , the original investment ( purchase value of items