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Even as the new Udyam Registration Portal
(https://udyamregistration.gov.in)
has evoked enthusiastic response amongst stakeholders, the requirement for
registering on the portal have been further simplified by the government. The
objective of the portal is to provide a single-page registration, consume less
time and simplify processes of registering any enterprise under MSME.
The definition and details, as given in
the Notification dated June 26, 2020, had specified GSTIN as one of the
mandatory conditions for registration on the Udyam Registration Portal, with
effect from April 1, 2021. However, a number of representations were
received from various MSME associations stating that the measure of making
GSTIN mandatory is impacting the registration process as many enterprises are
exempt from the mandatory requirement of filing GST Returns as per the GST
Act/notifications. A significant proportion of MSME may have annual turnover
less than the threshold limit for exemption from registration under GST
Act. This matter has been examined and a notification has been issued by
the ministry of MSME on March 5, 2021 to align the mandatory requirement for
filing Udyam Registration with those for filing GST Returns, in the interest of
those enterprises that are exempted from filing returns.
The Udyam Registration portal has been a
roaring success, with massive response from the stakeholders on account of its
simplicity, objectivity and transparency, besides user-friendliness. As on March
5, 2021, the Udyam registration portal has achieved a total registration of
25,20,341.ÂÂ
Setting up a business in India is futuristic, makes a lot of sense, and, for foreign companies, connecting with the Indian MSME and helping it grow is a sure way to success, says R Jayaraman.
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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