Udyog Aadhaar

Udyog Aadhaar is a twelve digit Unique Identification Number provided by the Ministry of Micro, Small and Medium Enterprises, Government of India for small and medium enterprises, beginning in September 2015.[2].[3] It is also known as Aadhaar for Business.[4] As of July 2018, more than 48 lakh MSMEs[1] in India are registered under Udyog Aadhaar.[5]

Udyog Aadhaar
Country India
MinistryMinistry of Micro, Small and Medium Enterprises, India
Key peopleGiriraj Singh
LaunchedSeptember 2015 (2015-09)
Status48 Lakh MSMEs registered as of July 2018[1]
Websiteudyogaadhaar.gov.in
India
This article is part of a series on the
politics and government of
India
 India portal


What is Udyog Aadhar Memorandum?

Udyog Aadhaar Memorandum (UAM) is a process under which you can get your industry registered by filling the only one-page form, which has been run by the MSME Department of India. Udyog Aadhaar online registration is free.[6]

Udyog Aadhaar key feature or objectives

Simplify the registration process

One of the main objectives of the Udyog Aadhar scheme is to pursue small and micro industries in a legal manner. Earlier the process of registration was very big and complicated. That is why the small and middle-class businessmen of our country used to run away from this process. But now you can easily register your business under the Udyog Aadhar scheme.[7]

Unemployment control

By promoting small and micro industries, people will show more interest in starting their own business, which will also increase the chances of getting new startups (new business). Not only this, the unemployed in the country will be less and people will get new opportunities.

Increase competition for companies

The government of this time is bent on promoting trade because it can be good for the country. The more the industries are in our country, the more the chances of the country becoming financially strong will increase. Along with this, the thinking between the companies moving ahead of each other will also benefit the country.

Benefits

Benefits include:[8]

  • Excise exemption
  • The exemption under the direct tax laws
  • 50% reduction in fee for filing patents and trademarks
  • Credit guarantee scheme
  • Protection from delayed payments
  • Loans without guarantee, low-interest rates on loan
  • Financial support for participating in foreign business exposure from the Government of India.
  • Subsidies provided to increase the company's revenue
  • Concession in electricity bills
  • The exemption provided when applying for government tenders
  • Octroi benefits

Qualification for Udyog Aadhar

Each kind of business element is qualified to acquire the Udyog Aadhar:[9]

  • Proprietorship
  • Hindu Undivided Family (HUF)
  • One Person Company (OPC)
  • Partnership firm
  • Limited liability partnership (LLP)
  • Private limited or limited company
  • Co-operative Societies or
  • Any association of persons

In any case, you should know that for getting the MSME enrollment, your substance must meet a predefined set of models as characterized under characterized in the MSMED Act, 2006. The table underneath endorsed the substances dependent on interest in plant and apparatus is qualified for Udyog Aadhaar.

Qualification for Udyog Aadhar
Classification Manufacturing Sector Service Sector
Micro-Enterprise Up to Rs. 25 lakhs Up to Rs. 10 lakhs
small-enterprise More than Rs 25 Lakhs but Up to Rs.5 crores More than Rs 10 Lakhs but Up to Rs.2 crores
Medium-Enterprise More than Rs 5 Crores but Up to Rs.10 crores More than Rs 2 Crores but Up to Rs.5 crores
gollark: Mining turtles aren't *that* cheap.
gollark: Now that I have automining going, GTech will begin selling iron and gold ingots at 0.5KST and 1.5KST respectively.
gollark: This is ridiculous. We should all get them or nobody should.
gollark: Can you 3D-print some arms instead of weapons?
gollark: Bloodmoon == Lunar eclipse != solar eclipse

See also

References
  1. "48 lakh MSMEs registered on Udyog Aadhaar portal". The Hindu Business Line. 18 July 2018. Retrieved 26 May 2019.
  2. "Aadhaar-like ID number for businesses in the works". The Economic Times. 2 February 2018.
  3. "Govt to ask Micro Small Medium Enterprises to obtain Udyog Aadhaar". Indian Express. 22 July 2018.
  4. Pai, T.V. Mohandas; Pai, Siddharth (6 February 2018). "Budget 2018 analysis: muted ecstasy and tempered agony". The Hindu.
  5. "Govt to ask MSMEs under GSTN to obtain Udyog Aadhaar to avail benefits of various schemes". Firstpost. Press Trust of India. 22 July 2018.
  6. "No registration fee for Udyog Aadhar: Government clarifies". India Times. Retrieved 15 June 2020.
  7. "Udyog Aadhar Booklet" (PDF). dcmsme.gov.in. Retrieved 15 June 2020.
  8. "How Udyog Aadhar Benefits to Small Business in India". Theindianwire. 28 August 2018.
  9. "Frequently Asked Questions and Answers". udyogaadhaar.gov.in. Retrieved 15 June 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.