Small Scale Industries (SSI) or Micro, Small and Medium Enterprises (MSME) can be registered under the MSMED Act. It is not necessary, but very beneficial to do so, since it exists only to offer benefits to those registered under it. These benefits include priority sector loans, tax and direct tax exemptions, capital investment subsidies and subsidies to energy tariffs. To qualify as an MIPYM, manufacturing companies need to have an investment of less than Rs. 10 crore in plant and machinery, while service companies should not have more than Rs. 5 crore invested in plant and machinery. If, at any time, you cross this investment limit, you must cancel your registration under the MSMED Law.
For that the SSI registration. It's profitable?
• Currently, participation in Govt is required. Purchase Program.
• Obtain financial assistance from several nationalized banks and financial institutions.
• Tax Exemptions.
Benefits of registration:
Although there is no legal basis for SSI registration, organizations are usually registered to take advantage of some benefits, incentives or support given by either central or state government. Some of the incentives are as follows:
• Credit limitation (priority sector loans), interest rate differential
• Exemption from excise duty
• Direct tax exemption
• Statutory support
The Banking Laws, the Special Taxes Law and the Direct Taxes Act have incorporated the word SSI into their exemption notifications. Although in many cases they may define it differently, generally the certificate of registration issued by the registration authority is considered as proof of being registered as an SSI
The States / Territories of the Union have their own set of facilities and incentives for small-scale industries. They refer to the development of industrial estates, fiscal subsidies, subsidies to energy subsidies, subsidies to capital investment and other supports. Both the Center and the State Governments, whether legal or not, orient their incentives and support packages in general to the organizations registered with them.
We are providing the following services to the industry for government benefits.
1. Registration of MSMEs
2. NSIC registration
3. Import Export Code Number (IEC Code)
4. ISO 9001 Certification
5. Credit rating
6. Trademark Registration