According to the new recommendations received from the Advisory Committee for the MSME Udyam Registration, the Central Government has introduced new and specific criteria for the classification of Micro, Small and Medium Enterprises for the filing of memorandum (i.e. Udyam Registration previously called Udyog Aadhaar) w.e.f. 1st July 2020 on it’s new portal named Udyam Registration Portal. Moreover, Nirmala Sitharama, the Finance Minister of India announced this new registration process which is one of the major parts of Prime Minister’s relief package for the MSMEs amid the novel coronavirus pandemic. Also, MSME Registration is free, paperless and based on self-declaration.
The key highlights on the new MSME Udyam Registration:
- One can easily file for MSME Udyam Registration online on the self-declaration basis
- Except for an Aadhaar Card, there will be no need to submit the other documents
- Udyam Registration has been integrated with the system of IT and GST