Huge update on Udyam Registration for Traders. The Government of India has notified the inclusion of retail and wholesale trade under the ambit of the MSME (micro, small and medium enterprise) category.
The Reserve Bank of India (RBI) has written to banks in this regard, informing them that whole and retail traders are now permitted to be registered on the MSME Udyam Registration Portal and get categorized as an MSME.
Click here if you want to know about what is Udyam Registration
Online Udyam Registration For Traders
The government on 2nd July 2021, introduced a few changes that included retail and wholesale traders under the MSME (micro, small and medium enterprises) classification making them eligible for Udyam registration i.e. MSME registration.
According to RBI rules, for priority sector advances by banks and financial institutions.
The MSME Development Act of 2006 included retail and wholesale trade companies until it was repealed in 2017 on a committee’s proposal.
NIC Code | Activity |
---|---|
45 | Wholesale and retail trade and repair of motor vehicle and motorcycles |
46 | Wholesale trade except for motor vehicles and motorcycles |
47 | Retail trade except for motor vehicles and motorcycles |
Udyam Registration portal is the official government portal to register as MSME
How Udyam Registration Benefits Traders
As many as 2.5 crore retail and wholesale traders stand to benefit from the revised guidelines. The move will also let them register on the Udyam portal for MSMEs.
The beneficiaries of the new change would be retail and wholesale trade and repair of motor vehicles and motorcycles, retail trade except for motor vehicles and motorcycles, and wholesale trade except for motor vehicles and motorcycles.
“The Enterprises having Udyog Aadhaar Memorandum (UAM) under above three NIC Codes are now allowed to migrate to Udyam Registration Portal or file Udyam Registration afresh,” the RBI circular said, citing the National Industrial Classification Codes of the three segments.
How MSME Schemes Benefits Traders
In recent times, for boosting small-scale businesses i.e. MSME sector, the Government launched various schemes and incentives, subsidized loans, etc. To avail, different MSME benefits Government started Udyog Aadhaar Registration now known as Udyam Registration.
Can I register my trading company under Udyam Aadhaar?
Yes, registering for an Udyam certificate online is one of the methods to become an MSME, which refers to firms that fall into the micro, small, and medium company category. You can apply for Udyam registration of traders if it comes under the categories mentioned in the NIC Code. You can apply for Udyam registration here.
Is Udyam Registration mandatory for traders?
It is not mandatory but if you register your company under the Ministry of Micro Small and Medium Enterprises, you will have access to lower bank loans, tax refunds, and priority for government bids, and these are all advantages of getting an Udyam registration.
So apply for Udyam registration now!
How Can We Help?
Udyamregistration.org.in is a private registration consultant. We help small-scale business owners in getting MSME registration / Udyam registration online / Udyog Aadhaar registration process online, in a quick and easy way. We started with the simple idea that doing business in India should be easy.
To accomplish our mission, we are building the largest business services platform with a range of business services from incorporation to tax filing.
By making it easier to do business, we hope to unleash Entrepreneurship and help small businesses compete effectively. We help you to register your business anywhere in India to manage legal compliance at your fingertips.
During our journey, we have served Start-up’s and MSMEs across the length and breadth of India, starting from Leh to Tamil Nadu and Gujarat to Arunachal Pradesh.
Get your business registration under the Udyam registration portal and approve it with ease, super quick operation, hassle-free, affordable prices, certificates valid for a lifetime, contact us to get a free consultation.