- PAN and GST linked details on investment and turnover of enterprises will be taken automatically from the respective Government data bases
- MSMEs with EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME, will also have to re-register themselves
The Union Ministry of Micro, Small and Medium Enterprises (MSME) had recently announced the new process of classification and registration of enterprises. Dubbed ‘Udyam Registration’, the same is starting from First of July 2020.
“MSME registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an MSME;” read a press note issued by the ministry.
The press note continued, “An enterprise for this purpose will be known as Udyam and its Registration Process will be known as ‘Udyam Registration’.”
No need for renewal of registration
After completion of the process of registration, an Udyam Registration Certificate will be issued. This certificate will have a dynamic QR Code from which the web page on our Portal and details about the enterprise can be accessed. There will be no need for renewal of registration.
PAN and GST linked details on investment and turnover of enterprises will be taken automatically from the respective Government data bases. MSME Ministry’s online system will be fully integrated with income Tax and GSTIN systems.
Those who have EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME, will also have to re-register themselves. Individuals registering will have to use their Adhaar Number for registration. A Registration number will be given after registration.
The MSME ministry has expressed confidence that this process will be extremely simple, seamless and entrepreneur friendly.
“It will set an example in ease of doing business, not only in India but internationally. It will reduce transaction time and costs. Entrepreneurs and Enterprises can focus on their real work and become globally competitive,” read Ministry’s press note.