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The Micro, Small, and Medium sized industries form an integral portion of India’s economy. The government is running various subsidies and tax incentives for the small scale industries in India. The micro, small, and medium-scale enterprises are the backbone of any developing economy. A lot of benefits are available to the MSME / SSI enterprises from the central and state governments.
The benefits provided to the MSME are designed to promote their growth and development. Various schemes, exemptions, and incentives can be availed by the small and medium sized industries. As a leading MSME consultant, ebizfiling is proud to contribute by offering valuable services to such industries. We are offering MSME / SSI registration and Udyoga adhar services all over India.
What are Micro, Small & Medium Enterprises
The MSME was earlier known as SSI or Small Scale Industries. As per MSMED Act 2006, the Micro, Small, and Medium enterprises can be a manufacturing unit as well a service industry. While the manufacturing unit is defined on the basis of its investment in plant and machinery, the service industry is defined by its investment in the equipment. The amount of investment below the prescribed limits makes the firm eligible for MSME/SSI certificate.
Advantages of MSME / SSI in India
There are tonnes of benefits if you are an MSME or a small scale industry. Though MSME registrations are not mandatory, they are preferred due to the number of advantages they involve. Check out how abundant the benefits of having an MSME / SSI certificate are.
MSMEs can get credit facilities or loans from the bank with minimum guarantee and low interest rates.
Tax and Excise Exemptions – The government is introducing various tax incentives for promoting MSME. Besides excise duty exemption, the MSMEs also get relief for direct taxes during the initial years of establishment.
The central government is launching various skill enhancing and credit linked schemes to help MSMEs. Some of the latest schemes in the line are PMEGP (Prime Minister’s Employment Generation Programme), CLCSS-TU (Credit linked Capital Subsidy Scheme for Technology Upgradation).
State governments also have their own schemes and exemptions for MSMEs of their state. The benefits are often in the form of tax subsidies, concessions on power tariff, exemptions from certain governmental compliance’s, capital investment subsidies, and other support activities.
The credit facilities are the major benefits to the small, micro, and medium commercial units in India. Government helps in industrial extension support services and for the provision of training facilities. Training facilities are often given in the realm of marketing technologies, skill development, and technical upgradation. Various support activities are also given to construct industries in the remote and underdeveloped regions.
The MSMEs also get to participate in the government tenders free of cost. However, you need to get registered as MSME/SSI with the concerned state/central authorities.
