Udyam registration mandatory for all MSME units, says Shah
   Date :16-Sep-2020

Udyam registration_1 
Business Bureau :
Every MSME unit needs to mandatorily apply for Udyam registration now on Udyam Registration portal of Ministry of MSME and get the Udyam registration certificate, said MSME expert CA Julfesh Shah while adressing a webinar on ‘MSME benefits & Udyam Registration.’ He further said that there will be no fee for filing Udyam registration and Aadhaar number of the unit owner/representative shall be required for Udyam Registration.
All existing enterprises registered under EM–Part-II or UAM shall have to register again on the Udyam Registration portal on or after the July 1, 2020 and all enterprises registered till June 30, 2020, will be re-classified as per the new notification. The existing enterprises registered prior to June 30, 2020, shall continue to be valid only for a period up to the March 31, 2021. An enterprise registered with any other organisation under the MSME Ministry shall register itself under Udyam registration.
An enterprise having Udyam registration number shall update its information online in the Udyam portal, including the details of the ITR and the GST return for the previous financial year and such other additional information as may be required, on self declaration basis and failure to update the relevant information within the period specified in the online Udyam Registration portal will render the enterprise liable for suspension of its status, Shah explained. According to the new definition for classification of MSME enterprises it is provided that an enterprise shall be classified as a micro, small or medium enterprise. Any person who intends to establish a micro, small or medium enterprise may file Udyam registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates etc.
On registration it. will be assigned a permanent identity number to be known as ‘Udyam registration number’ and e-certificate shall be issued on completion of the process, Shah said. The calculation of investment in plant and machinery or equipment will be linked to the Income-Tax Return (ITR) of the previous years filed under the Income Tax Act, 1961. Shah added however the exports of goods or services or both, shall be excluded while calculating the turnover of any enterprise. He also outlined the number of benefits that can be claimed by an MSME unit. He also resolved the queries of the participants in the webinar which was well attended. CA Ganesh Shilwant, Chairman made the welcome remarks and CA Rupali Bothra, Secretary proposed the vote of thanks.