NEW REGISTRATION PROCESS FOR MSMEs WITH UDYAM REGISTRATION

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What is the meaning of Udyam Registration?

The Ministry of Micro, Small and Medium Enterprises issued an order (S.O. As of June 26, 2021, Regulation 2119(E) has specified new criteria for classifying businesses as Micro, Small, and Medium Enterprises (“MSME”), as well as the form and procedure for filing the Memorandum under the new classification, i.e. Udyam Registration.

The Udyam Registration will begin on July 1, 2021. Enterprises wishing to register under MSME must now do so on the new platform.

How do you register as an MSME?

Anyone who wants to start an MSME can use the Udyam Registration portal to get started. The registration is based on self-declaration, and no paperwork, papers, certificates, or proof is required to be uploaded. For registration, only your Aadhar number would suffice. Furthermore, PAN and GST-related information on the investment and turnover of businesses will be automatically retrieved from government databases.

Is it necessary for existing MSMEs (Udyog Aadhar holders) to re-register on the new portal?

Yes. On or after July 1, 2021, those with an EM-II (existing entrepreneurs who have registered under MSME) or UAM Registration (Udyog Aadhar Memorandum) or any other registration issued by an entity under the Ministry of MSME will be required to register on the Udyam Registration Portal.

What will happen to existing Udyog Aadhar certificates if they aren’t registered on the new Udyam Registration portal by July 1, 2021?

Existing enterprises that were registered under the Udyog Aadhar Memorandum prior to June 30, 2021, will only be valid until December 31, 2021. Existing businesses that want to keep their MSME designation must register with Udyam Registration.

What are the classification criteria for investment and turnover as a whole?

  • For an enterprise to be classified as an MSME, a set of investment and turnover criteria must be applied.
  • If an organisation exceeds the ceiling restrictions mentioned in either of the two criteria, i.e. investment or turnover, it will be removed from that category and placed in the next higher one. In this instance, an enterprise’s current status will be maintained for one year after the end of the registration year.
  • Only when an enterprise falls below the set ceiling limits in both the investment and turnover criteria will it be put in the lower category. The benefit of altered status will be given w.e.f. the 1st April of the financial year following the financial year in which the change occurred.

Is there any information that needs to be updated on the new Udyam Registration Portal?

On a self-declaration basis, an enterprise with an Udyam Registration Number must update its information online in the Udyam Registration Portal, including the details of the previous financial year’s Income Tax Return (ITR) and GST Return, as well as any other additional information that may be required. If the essential information is not updated within the timeframe indicated in the Online Udyam Registration site, the enterprise’s status will be suspended. Based on the information provided, the MSME categorization will be updated.

Suggested Read: Print Udyam Registration Certificate

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