In our nation, MSMEs are the backbone of the economy. They play a significant role in developing our nation. As a result, the Indian Government has announced MSME Registration or Udyam Registration to support them. satisfying the eligibility criteria can get MSME Registration online only through a few clicks on our website or app. If you are someone applying for Udyam Registration or already have it, you also must know how to modify MSME Registration. This article guides you with the complete process of how to modify MSME Registration.
What is a MSME?
The previous MSME classification method was based on characteristics such as capital investment in plants and machinery or equipment. However, under the Atma Nirbhar Bharat Abhiyan, the government changed the MSME classification by introducing composite requirements for both investment and annual revenue or turnover. As a result, the amended and current MSME Registration categorization for each business entity is as follows.
- Micro MSME enterprises – These are the SMEs having investments less than Rs. one crore and annual turnover are also less than Rs. 5 crores.
- Small MSME enterprises – These are enterprises whose investment is less than Rs. ten crores and annual turnover are also less than Rs. 50 crores.
- Medium MSME enterprises – These are the enterprises whose investment is less than 20 crore, and annual turnover is less than 200 crore rupees.
Important Note: The Udyam Registration and MSME Registration are the same names given to a single scheme. Udyam Registration was the name given to MSME Registration after a few updates in it.
What is MSME Registration or Udyam Registration?
MSME registration is a government program that aids in the growth and marketing of businesses in a variety of ways. After getting their firm registered under MSME, entrepreneurs may take advantage of a variety of incentives and schemes. For the purposes of this scheme, an entity shall be referred to as Udyam, and the registration process will be referred to as ‘Udyam Registration.’
Following registration, you will be granted a permanent registration number. Also, A certificate is provided online when the registration process is completed.
Having PAN and GST Registration (As per applicability of CGST Act 2017 and as notified by the Ministry of MSME vide S.O. 1055(E) dated 05th March 2021) is required for Udyam Registration with effect from 01.04.2021.
What are the benefits of registration under MSME?
There are several benefits of MSME Registration. The most important ones that benefit you significantly are as follows.
- You can receive subsidies on business loans.
- MSME Registration allows safety regarding delayed payments.
- MSMEs that have GST Registration can access loans up to Rs. 5 crores in as little as 59 minutes.
- Following MSME registration, businesses can have a Trademark Registration for minimal government fees.
- Reduced power expenses is one of the most major advantages of MSME registration. This simply implies that businesses with an MSME registration certificate are eligible for power bill discounts.
- MSME Registration allows reimbursement of fees in case of ISO Certification approval.
- Lastly, Udyam Registration or MSME Registration allows you to get special recognition at international trade fairs.
Stepwise method on how to modify MSME Registration
How to modify MSME Registration is a question for many. Therefore, the detailed answer on how to modify MSME Registration is as follows.
- Go to the official website of MSME of Udyog Aadhar.
- You’ll see a tab labeled ‘Update Udyog Aadhar,’ which you should click to be routed to another page.
- After being sent to a new page, enter your UAM (Udyog Aadhar Memorandum) or Udyog Aadhar Number, then enter the verification code provided in the image and click “verify and Generate OTP.” After receiving the OTP through phone or email, enter it and submit the information.
- You will be routed to another website after entering the OTP, where you may update or amend your information.
- Details such as the company’s name, address, and other information can be modified. After you’ve updated the information, go ahead and examine it before clicking the submit button.
- When you submit the form, you will be given an acknowledgment number, which you may use to check the progress of your application.
Complete Procedure of how to modify MSME Registration Offline
You can also modify MSME Registration offline. The steps are as follows.
- Go to a Udyog Aadhar facility and fill out a form to update your Udyog Aadhar (MSME) information.
- Fill out the form completely and send it along with the documentation of correction. For example, if you want to modify your address, you must submit the relevant document verification along with the form.
- After submitting the form to the concerned person, you will get an acknowledgment number, which you may use to follow the status of your application.
- The new or revised Udyog Aadhar (MSME) certificate will be mailed to you at the address you provided.
In conclusion, modifying MSME Registration is a complex and time-consuming task. Furthermore, any error in the application process can again waste your energy and time.
Moreover, you require any kind of guidance related to the MSME Registration, please feel free to contact our business advisors at 8881-069-069.
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