SSI(Small Scale Industry) also called MSME (Micro, Small and Medium Enterprise) are the foundation of any economy and are an engine of economic growth, advancing impartial improvement for all, it is gives livelihood for crores of India’s population, the backbone of Indian economy. In order to regulate such a big sector and to aid in its development, the Indian government has SSI registration/MSME registration for small scale industries. SSI Registration is undertaken by the Ministry of Micro, Small and Medium Enterprises through the Directorate of Industries of the State Government.
Though the procedure to get an SSI registration is similar in every state as per the guidelines laid out by the MSME ministry, some states have made modifications to this procedure to accommodate the different laws in the state list for MSME, thus the procedure to obtain and SSI registration may vary from state to state. The reasons for the State to emphasize on SSI/MSME registration is to have a statistical roll count but the main reason is for the purposes of providing incentives, subsidies, support, services, loans, tax benefits, tenders to MSME of SSI businesses in India.
Thought the registration is not compulsory for Small Scale Businesses in India, but a registered Small Scale Industry can avail many benefits under the MSME schemes given by both state and central government. Some of the incentives offered for Small Scale Industries that have MSME registration are,
Benefits provided by the Central Government
- Priority sector lending in Banks,
- Reduction in bank loan interest rate,
- Excise exemption scheme,
- Exemption under direct tax laws,
- Statutory support such as reservation,
- Interest on Delayed Payments Act and more…
Benefits provided by the State Government & Union Territories
- The development of industrial estates,
- tax subsidies,
- power tariff subsidies,
- capital investment subsidies and other support and more…
But, both the Central and the State Government benefits are given only to the small scale businesses that have SSI/MSME registration done. Get your Small Scale Industry registered with our help. For Best SSI Registration and Trademark Registration in Coimbatore Sv Consultant is best