UDYAM REGISTRATION FROM 01/07/2020

Salient Points of UDYAM REGISTRATION

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The Ministry of Micro, Small and Medium Enterprises (MSME), Government of India on 26th June 2020 released an extraordinary gazette notification of Part II, Section 3, Sub-Section (ii) which defines the new classification of MSMEs and the procedure for Registration of enterprises under the new classification also known as the UDYAM Registration.

 

The gazette notifies that an MSME shall further on be called UDYAM and the registration process will be referred to as Udyam Registration. This registration will be based on the recent classification as defined by Ms. Nirmala Sitharaman, Union Finance Minister in her speech on 13th May 2020, and further ratified on 1st June 2020 by the Union Cabinet chaired by Prime Minister Narendra Modi. The new classification is as below.

With the new classification, Any new person setting up an MSME has to be first registered under the Udyam Registration and do a self-declaration of the kind of business they conduct. The new Udyam Registration can be filed online with no requirement to upload any documents, certificates, papers, or proof. Few salient points of the gazette Notification are as follows.

 

  1. The new classification of MSME has been to include both Manufacturing and Services and the criteria has been set to both Turn Over and Investment
  2. Any person who intends to set up an MSME should file Udyam Registration in Udyam Registration Portal based on self-registration
  3. E-Certificate will be issued after the registration is completed
  4. Businesses will be automatically upgraded or degraded from one classification to another based on their filing

 

  1. Businesses will be automatically upgraded or degraded from one classification to another based on their filing
  2. All units having multiple GST under single PAN shall be considered as one Enterprise / Udyam
  3. Calculation Plant and Machinery Investment be based on previous ITR filed
  4. Calculation of Turn over shall be based on GST Filed or on a self-declaration basis if GST is not there
  5. No fees to register Udyam
  6. Aadhar Number Mandatory for filing Udyam (of Proprietor, Managing Partner for Partnership, Karta for HUF) and for Companies GSTIN required
  7. Self-declaration to be given where necessary information not available via other Sources i.e. GST, PAN, Aadhar, etc.,
  8. All existing enterprises registered under EM–Part-II or UAM shall register again on the Udyam Registration portal on or after the 1st day of July 2020
  9. Udyam is required for both existing and new businesses. Existing Businesses should file Udyam before 31 March 2021

UDYAM REGISTRATION PROCEDURE

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