Difference Between Udyog Aadhaar and MSME, Udyam Registration
There are several questions searched over the internet about the differences between MSME vs Udyog Adhaar, MSME vs Udyam Registration, and Udyog Adhaar vs Udyam Registration.
Many individuals are also confused and ignorant of the current registration procedure for udyam. So I'll explain all your questions about MSME, Udyog Aadhaar, and Udyam Registration in this blog post.
It should be noted that the registrations of MSME, Udyog Aadhaar, and Udyam are the same, only the name has been changed. Udyam Registration, which replaced the old Udyog Aadhaar/Udyam Registration, is the latest registration process.
What is Udyog Aadhaar?
Udyog Aadhaar is the name of the Micro Small Medium Enterprise (MSME) Registration Process, commonly known as Udyog Aadhaar Registration. But the Udyam Registration has now been replaced by this method. This is a version of the updated version.
What is MSME?
MSME is known as Micro Small and Medium Enterprise and is also referred to as SME. MSMEs are a system developed by the Government of India to strengthen and promote micro, small, and medium-sized enterprises through the support of government schemes. The Micro, Small, and Medium Enterprise Growth (MSMED) Act of 2006 governed this scheme.
Micro Small and Medium enterprises economy is seen as the backbone of the Indian economy. The government has announced that it will meet this business under the MSME system via MSME registration to offer benefits to this business.
What is Udyam Registration?
On 1 July 2020, the Government of India introduced a new MSME registration scheme, generally known as the Udyam Registration, and from now on the MSME will be referred to as udyam. It is a substitute version of the registration for Udyog Aadhaar or MSME. These steps have been taken by the Indian government to support the Atmanirbhar Bharat Scheme and to make it easier to do business.
Once the registration process has been introduced in this new method, registration can become faster and smoother for the person who wishes to register with MSME. Registration can only be performed with an Aadhaar card and the submission of a form is dependent on self-declaration.
If you want Udyam registration then register now
Benefits of Udyam Registration
- 100% subsidized or free bank loans.
- Takes advantage of government schemes.
- The subsidy is eligible for interest on bank loans, licensing by the government, patents and the registration of the Barcode, income tax, and GST returns.
- Electricity and water bills would be granted discounts.
- Protection against default and delayed payments.
- ISO Certification Security Payments.
Udyam Registration for Existing Firm
According to the notification circulated by the government on 26 June 2020. It is clearly stated in it that before 31 March 2021, all companies that have previously registered as udyog aadhaar/ MSME registration must re-register under udyam registration.
We have tried our best to provide MSME, Udyog Aadhaar, and Udyam Registration with all the information. I hope that all your questions have been answered in this blog post.