Updated on July 06, 2024 11:46:17 PM
Major Benefits of Having MSME Certificate or Udyog Aadhaar Certificate<
Most states offer those who’ve registered under the MSMED Act subsidies on power, taxes and entry to state-run industrial estates. In particular, there is a sales tax exemption in most states and purchase preference on goods produced.
Extended credit facilities
Industrial extension support and services
Availability of developed sites for warehouse construction
Provision of training facilities
Hire-purchase of machineries for use in MSME
Assistance in marketing, both within the country and outside (exports)
Assistance for construction of industries in underdeveloped areas
Technical consultancy, assistance in capital, and so on, for enhancement of technology in MSME
By having the MSME certificate, any business can apply and get many benefits and subsidies from various government departments including Electricity and also it is very important in tender application process.
The central government, from time to time, announces schemes to benefit MSMEs, such as the credit guarantee scheme:
One of the major struggles that the small scale industries face is credit and input of income from various sources to support them.
The Credit Guarantee scheme, introduced to support MSME, comes with modifications to make it more beneficial for small traders:
Enhancing the optimal eligibility loan from Rs. 25 lakh to Rs. 50 lakh.
Reducing the one-time guarantee for loans availed of by the MSME in North-Eastern region of India from 1.5% to 0.75%.
Increasing the extent of guarantee cover from 75% to 80% for:
Women operated Medium and small scale enterprises
Micro enterprises, for loans upto 5 lakhs
Loans obtained in North Eastern region of the country
Reducing the one-time guarantee fee for all loans availed in North Eastern India from 1.5% to 0.75%.
All banks and other financial institutions recognize MSMEs and have created special schemes for them. This usually includes priority sector lending, which means that the likelihood of your business being sanctioned a loan is high, and lower bank interest rates. There may also be preferential treatment in case of delay in repayment.
Depending on your business, you may enjoy an excise exemption scheme as well as exemption from certain direct taxes in the initial years of your business.
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