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06/07/2020 04:12pm

IIA asks MSMEs to register on Udyam portal

image IIA asks MSMEs to register on Udyam portal

Noida, July 6 (KNN) Indian Industries Association (IIA) has asked Micro, Small and Medium Enterprises (MSMEs) to re register themselves with full disclosure of their financial turnovers on the website — udyamregistration.gov.in.

The industry body also warned that around 30%-40% of MSMEs in Noida could lose their status if they do not register themselves again on the said website.

'' Despite our opposition, the government has changed the definition of MSME. But, since it is a government decision, we have no choice but to abide by the rules,'' said Kulmani Gupta, chairman, IIA, Noida.

The change in the definition of MSME was announced by finance minister Nirmala Sitharaman in May as part of the relief package for industry due to the pandemic.

''Now, all industries have to get themselves re-registered on the government portal. The main outline is that any industry, which has a turnover of less than Rs 5 crore is ‘micro’, in the category of Rs 10 crore to Rs 50 crore is ‘small’, and Rs 50 crore to Rs 250 crore is ‘medium’. This will weed out many companies from the ‘micro’ category and we feel the timing for such a move is not right,” he added.

Gupta further asserted that currently, the pressure on the MSME industries is huge and we look forward to supporting the government in its new vision for the sector.

The new process under ‘Udyam Registration’ came to into effect from July 1. The Ministry had expressed confidence that this process will be extremely simple, seamless entrepreneur friendly.

'It will set an example in Ease of Doing Business, not only in India but internationally. It will reduce transaction time and costs. Entrepreneurs and Enterprises can focus on their real work and become globally competitive,'' the Ministry had said in a statement.

''MSME registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an MSME,'' it added.

The Ministry further asserted that Aadhaar Number will be required for registration and a registration number will be given after the registration process is completed.

After completion of the process of registration, an Udyam Registration Certificate will be issued, it said.

''This certificate will have a dynamic QR Code from which the web page on our Portal and details about the enterprise can be accessed. There will be no need for renewal of Registration,'' the Ministry avowed.

Registration Process is totally free. No Costs or Fees are to be paid in this regard, it added.

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