Thursday, 16 March 2017

All you need to know about ‘Udyog Aadhaar Scheme’

Micro, Small or Medium Enterprises, popularly known as MSME’s, are the mainstay of any economy which accelerates the growth of Industrial Sector in the long run, thereby encouraging unbiased economic development. Therefore, numerous subsidies-schemes and incentives have been launched by The Government of India to support and publicize MSMEs through MSMED Act 2006.

Formerly registration under MSME sector had to be done under two stages (EM-1 and EM-2), which now stands revoked and has been replaced by ‘Udyog Aadhaar Scheme’ – registration of which is linked with Aadhaar Number. Nevertheless, eligibility norms for registration vary separately for a SSI/MSME unit in Manufacturing sector than in Services sector. Although not mandatory to obtain such registration, still it is highly advisable to obtain the same for the very purpose of enjoying various benefits given by both Central & State Government and which have been explained further down this page.

The Credit Guarantee Scheme, introduced by the Central Government to support MSMEs, has been modified to make it more lucrative for such small traders –

Under this scheme, optimal eligibility loan shall get enhanced from Rs.25 lakhs to Rs.50 lakhs. One time guarantee for loans availed of by MSME in North-Eastern Region of India reduced from 1.5% to 0.75%. Increase in guarantee cover to the extent of 80% from 75% for medium and small scale enterprises operated by women, micro enterprises for loans up to 5 lakhs and loans obtained in North-Eastern Region of the country.

In regard to the above mentioned scheme, some of the support services have been provided by State Governments also such as extension in credit facilities, industrial extension support & services, provision of training facilities, assistance for construction of industries in underdeveloped areas, technical consultancy, assistance in capital for enhancement of technology in MSME and many more.

Units or enterprises will be able to seek information and apply online about various services being offered by all Ministries and Departments through Udyog Aadhaar Registration. Procedure of obtaining Udyog Aadhaar Number is paperless, free of cost and result in instantaneous registration. Through this number all units or enterprises will be able to file and register themselves to access other services also.

Do not miss our next update on Latest Amendments.

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Some recent updates that you would not like to miss –

1.     Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period under Operation Clean Money.

2.     If an individual buys a car for personal use and after a year sells it to a car dealer. This transaction cannot be treated as a supply under GST because supply is not made by the individual in the course or furtherance of business. Further, no input tax credit shall be admissible on such car at the time of its acquisition as it is meant for non-business use.

3.    No GST shall be leviable on Education & Health Care provided by Government or its Authority, Local Authority (Schedule IV). However, such services provided by any other body may attract GST.

4.      Parliament passes Maternity Benefit Bill to provide 26-weeks paid leave, creche in office, to be effective once the President gives his assent.

5.   CBDT clarifies that Existence of undisclosed bank deposits shall not be mandatory on the date of Pradhan Mantri Garib Kalyan Yojna (PMGKY) Payment.

6.    Under GST, there shall be no threshold for persons responsible for deduction or collection of tax at source under existing GSTIN or separately registered for TDS/TCS.

Have a great day ahead!

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