The Government of India, Ministry of Micro, Small and Medium Enterprises vide gazette of India, Extraordinary, Part – II, section-3, Sub-section(ii), Dated the 26th June, 2020 notified a composite criteria consisting of both investment and turnover as criteria for classifying the enterprises as micro, small and medium enterprises with effect from the 1st day of July, 2020.
In order to conform to the new definition of MSMEs and ease of doing business, this system would facilitate MSMEs for a permanent Registration i.e. 'Udyam Registration'.
1. The process for Udyam Registration is fully digitalized and paperless. There is no need to upload any document.
2. An e-certificate, namely, “Udyam Registration certificate” shall be issued online on completion of the registration process.
3. This certificate has a dynamic QR Code.
4. The online system is fully integrated with income tax and Goods and Service Tax Identification Number (GSTIN) systems, details on investment and turnover of enterprises are taken automatically from Government databases. Exports are not taken as part of the turnover calculation.