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In India, MSME stands for Micro, Small, and Medium Enterprises. The classification of MSMEs in India is primarily based on two factors: investment in plant and machinery or equipment for manufacturing enterprises, and investment in equipment for service enterprises. As of July 2020, the Government of India revised the criteria for classification, introducing a composite criteria of both investment and annual turnover for micro, small, and medium enterprises, thereby expanding the scope and benefit coverage.
Here’s the classification based on the revised criteria:
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Micro Enterprises:
- Manufacturing Enterprises: Investment in plant and machinery up to ₹1 crore and turnover up to ₹5 crore.
- Service Enterprises: Investment in equipment up to ₹1 crore and turnover up to ₹5 crore.
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Small Enterprises:
- Manufacturing Enterprises: Investment in plant and machinery between ₹1 crore and ₹10 crore and turnover between ₹5 crore and ₹50 crore.
- Service Enterprises: Investment in equipment between ₹1 crore and ₹10 crore and turnover between ₹5 crore and ₹50 crore.
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Medium Enterprises:
- Manufacturing Enterprises: Investment in plant and machinery between ₹10 crore and ₹50 crore and turnover between ₹50 crore and ₹250 crore.
- Service Enterprises: Investment in equipment between ₹10 crore and ₹50 crore and turnover between ₹50 crore and ₹250 crore.
MSMEs play a vital role in India’s economy, contributing significantly to employment generation, industrial output, and fostering entrepreneurship. The government offers various schemes, incentives, and support mechanisms aimed at promoting and nurturing the growth of MSMEs in the country.
Documents Required for MSME Registration
To register as an MSME (Micro, Small, and Medium Enterprises) in India, certain documents are typically required. These documents might vary slightly depending on the type of business or the specific registration process, but generally, the following documents are commonly requested:
- Aadhaar Card: The Aadhaar card of the business owner or the authorized signatory.
- PAN Card: The Permanent Account Number (PAN) card of the business owner or the authorized signatory.
- Business Address Proof: Documents validating the address of the business premises, such as electricity bill, telephone bill, or property tax receipt.
- Partnership Deed/ MoA and AoA: In case of a partnership or a company, documents outlining the structure and ownership of the business.
- Bank Account Details: Bank account statement or canceled cheque indicating the name of the business entity.
- Udyog Aadhaar Memorandum (UAM): This is the primary document required for MSME registration. It includes information like business details, ownership, investment in plant and machinery/equipment, etc.
- GST Registration Certificate: If the business is registered under GST (Goods and Services Tax), the GST certificate might be required.
- Details of Employees: Information about the number of employees, if applicable.
- Investment in Plant and Machinery/Equipment: Details of investment made in machinery or equipment used in the business.