What is MSME & how to cancel MSME registration?

MSMEs stand for Micro, Small, and Medium Companies, and these are the types of firms that run and function on a smaller basis than larger organizations. MSMEs are undoubtedly smaller in number, but they are numerous. MSMEs play an important role in the economy of the world, so their survival is crucial. 

Also, Read- how to print udyam certificate

The definition of MSMEs was first adopted in 2006 when the MSMEs Act was enacted. MSMEs who meet the eligibility requirements were required to register as MSMEs under this law. MSMEs will receive benefits provided under the act, as well as benefits created by the government, after effective registration.

MSMEs Eligibility Criteria:

Only manufacturers, users, and service providers are permitted to use the MSME tag and file under it. Any manufacturer or service provider who meets the qualifying requirements will use the MSMEs single-window registration scheme.

  • MICRO UNITS are companies with investments of up to Rs. 1 crore and a turnover of less than Rs. 10 crore.
  • SMALL UNITS are companies with investments of up to Rs. 10 crore and a turnover of less than Rs. 50 crore.
  • MEDIUM UNITS are companies with investments of up to Rs. 50 crore and a turnover of less than Rs. 250 crore.

MSMEs Registration:

To take advantage of the benefits, companies who meet the qualifying requirements must register as an MSME. The registration system has been revised several times to satisfy the most current criteria. The Indian government has now launched a new method named UDYAM REGISTRATION, which is an entirely online process.

You can apply for udyam registration online at http://udyamregister.org/

you should know about udyam registration:

  • There are no physical documents necessary.
  • For registration, only your Aadhar number is sufficient.
  • There is no limit to the number of operations that can be listed or attached to a single Udyam Registration; however, any number of activities, including manufacture, operation, or both, can be listed or attached to a single Udyam Registration.
  • PAN and GSTIN-related data would be auto-populated.
  • There is no need to renew.
  • Since April1,2020, having GST and a pan is necessary.

How Do I Cancel My Registration With Udyam?

For businesses in the country, Udyam Registration has become extremely important. Firms may register themselves based solely on their Aadhaar number as of July 1st. This is in accordance with the government’s new rules, which were announced on June 26, 2020. For online registration, businesses are no longer expected to upload certificates and records. With a self-declaration, they can provide this information. This new procedure, named “Udyam Registration,” was made possible following the effective integration of the registration process with the GST and Income Tax systems. The GSTIN and PAN will be used by the authorities to verify the information contained in the self-declaration.

To make the process of MSME registration easier, the Udyam Registration is developed. It simplified the process. However, several businesses wanted to know whether the Udyog Aadhar registration could be permanently canceled or removed. This article explains how to cancel your Udyam registration.

The Ministry of Micro, Small and Medium Enterprises, Government of India, issues Udyam certificates as an identity registration. A twelve-digit unique identification number is provided to Micro, Small, and Medium Enterprises. Furthermore, it enables businesses to take advantage of various government schemes, such as low-interest loans, power bill concessions, stamp duty registration, trademark registration, and bank transactions, among others. It’s an Aadhaar card for businesses and companies, much like the regular Aadhaar card. Another term for it is Aadhaar for Business.

Cancellation of Udyam Registration:

It is not difficult to cancel your registration with Udyam. To quickly cancel your Udyam registration, simply follow the steps outlined below.

  • Please visit the udyam registration page for further information.
  • Now, go to cancel the udyam registration option, and click on it.
  • Fill up your 16 digits udyam registration number (URN) and your registered mobile number.
  • Now, for OTP validation you have to select either mobile number or email id according to your convenience.
  • Then choose “Generate OTP” from the drop-down menu.
  • Enter the OTP which you received and click on the “validate OTP & Print” option. 
  • Make a successful payment for your application.
  • You will receive an automatic cancellation message on your registered mobile number/email address within 1-2 working hours.

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