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. It is also known as Aadhaar for Business. As of July 2018, more than 48 lakh MSMEs in India are registered under Udyog Aadhaar.
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.
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:-
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:-
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.
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