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What is the Modi government's new portal and why do MSMEs need to register?

Last year, the Reserve Bank of India (RBI) stated that current EMs part II and/or UAMs issued to MSMEs before June 30, 2020 will be valid until March 31, 2021.

According to data from the MSME Ministry, the government's zero-cost MSME registration portal Udyam Registration had registered 31.56 lakh companies as of June 2, 2021.

Between September 2015 and June 2020, there were 1.02 crore Udyog Aadhaar Memorandum (UAM)-registered MSMEs, according to the MSME Ministry's annual report 2020-21.

What is the purpose of the Udyam Registration Portal?

Before the MSME Development Act of 2006, small scale industrial units had to register with District Industries Centres (DICs). Entrepreneurs have to file Entrepreneur Memorandum (EM) part-I at DICs before setting up the MSME, and EM-II after starting production activities, according to the act's provisions. UAM is replaced by Udyam Registration.

How can I set up an account on the portal for a new business?

Udyam Registration is a paperless and free self-declaration platform for entrepreneurs to register their businesses. Businesses are not required to present any documentation or proof of registration other than their Aadhaar number. Furthermore, because it is tied with the Income Tax and GSTIN systems, the portal will instantly collect PAN and GST-linked details on investment in the business, according to Udyam Registration. Following registration, MSMEs are issued a permanent registration number and a certificate. The certificate includes a QR code that may be used to access information about the company.

What about businesses that are already established?

Businesses that hold an EM-II or UAM registration will need to re-register. Importantly, the Reserve Bank of India (RBI) stated last year that current EMs part II and/or UAMs received by MSMEs before June 30, 2020, will be valid until March 31, 2021, even if they were required to register under Udyam Registration on or after July 1, 2020. However, there will be no need to renew a new registration. "With the new Udyam platform, it will be a lot easier to register new firms." Document submission at the DIC will be incorporated into the same site."

How many Udyam registrations can a single company get for various manufacturing activities?

While an MSME only needs one Udyam Registration, it can include any number of activities under that registration, such as production, service, or both, unlike in the past, when numerous Udyog Aadhaar registrations were necessary for multiple enterprises. Prior to the development of the Udyam platform, MSMEs had to acquire individual Udyog Aadhaar registrations for each of their factories.While one can add new units in the new portal, which requires Aadhaar and PAN, as well as GST details, the turnover and investment limit will be automatically calculated from the company's balance sheet, unlike in UAM, which only required Aadhaar and required manual input.” 

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LAST UPDATED ON : 20/08/2022
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