Read this blog to understand the steps involved in the Udyam registration process for Jammu and Kashmir.
MSME registration or more precisely the Udyam registration in the Indian state of Jammu and Kashmir is a government certificate extended to small, micro, and medium scale enterprises that are enlisted under the MSME. These enterprises share a set of common goals when they come together under the Udyam scheme. These goals are:
- To ensure that all the micro, small scale and medium-sized industrial entities can cater employment to the wider groups of the population thereby minimizing the poverty ratio.
- To facilitate the advantages of several schemes introduced by the Indian government to all the small scale industrial enterprises at a common platform.
- To protect the small industries from economic oppression often impacted by the big industrial players.
Who Is Entitled for the Udyam Registration?
The Jammu and Kashmir government has declared that all enterprises are not needed to apply for the Udyam registration in the first place. Only the business bodies who are defined either as micro/small/ medium-sized commercial entities are required to secure this Udyam certificate. This categorization has been done based on the amount of financing and investment support provided in the procurement of pieces of machinery and manufacturing plants.
The classification of all eligible entities has been listed below:
| Business categorization | Manufacturing sector |
| Micro businesses | Not exceeding more than Rs. 25 lakh financing in machinery and plants. |
| Small scale enterprises | Not exceeding more than Rs. 5 crores financing in machinery and plants. |
| Medium-sized enterprises | Not exceeding more than Rs. 10 crores financing in machinery and plants. |
Documents You Should Present for Successful Udyam Registration in Jammu and Kashmir
In the following section of the article, we have provided you with the complete checklist that you need to save before you decide to register for Udyam certification. The accurate list however depends on the category of the applying business entity in the state of Jammu and Kashmir.
In Jammu and Kashmir, the proprietors who wish to achieve the Udyam certificate must produce their Aadhar along with the PAN details. These two documents are the primary requisites.
As far as the partnership firms are concerned, the applicant is asked to submit both of the aforesaid documents.
Quite similar to this in the case of a private limited brand as well as for limited liability partnerships the authorities check the PAN details and Aadhar number of the person who requests for Udyam verification service.
Data Checklist for Udyam Registration
The foremost necessity is the Aadhar card of the requesting entity. Apart from this document, a host of related papers needs to be produced. We have listed them one after another for you:
- Officially approved name of the applicant or entrepreneur as written in his Aadhar card. This nationality identity proof document ought to be connected with the applicant’s mobile number.
- A valid phone number has to be provided
- PAN card number (be it LLP/ Pvt./ company/ partner PAN ID)
- One primary E-mail address
- Gender
- A checkbox needs to be addressed asking if you are physically challenged or not
- Social caste has to be mentioned
- Enterprise’s business name
- Nature of entity
- Active address of the firm’s operational office
- Accurate date of business commencement
- Banking details of your enterprise or your personal/current bank account information. The point to be noted is that only the proprietor is eligible to add a savings bank account.
- A bank account number along with IFSC code
- The bank’s branch has to be given
- Major activity is declared as manufacturing or service.
As you select the option ‘manufacturing’ it asks you to pick up a choice from the subcategory. Same scenario is presented for service firms.
The NIC code has to be delivered. You need to mention the present number of employees deployed in operational, executive and managerial departments. The Udyam regulatory body even asks for the Income Tax returns file to scrutinize till date transactions. GSTIN has to be presented (if applicable). The location of the business must be indicated as either rural or urban.
Primary Features of Udyam Registration in Jammu and Kashmir
- No associated charges have been set for filing the Udyam application. Only you need to produce an Aadhar number during Udyam registration in Tamil Nadu as the KYC formalities are stated.
- The produced Aadhar card has to belong to the owner when the authority is dealing with an ownership firm, it shall belong to the managing partner when we are considering partnership business. The Aadhar details of the Karta are desired for instances of a Hindu family.
- When the Ministry is dealing with a cooperative society/ limited partnership or a trust, ist GSTIN along with PAN and Aadhar details are offered by the official signatory or the applying business entity.
- In Tamil Nadu, when a firm is rightfully enlisted as a Udyam, any shortage of data for past years when PAN card was not there, is restored based on the auto-disclosure principle.
- No companies are allowed to register multiple times under Udyam enlistment. Any activity that can be tagged as service or manufacturing or an amalgamation of both can be brought within Udyam.
- Those holding UAM or EM-II registration or any equivalent status furnished by the MSME council need to re-register themselves for Udyam.
- The entities that deliberately misrepresent or attempt to conceal the various auto-disclosed figures and data recorded in the Udyam database would be entitled to strict punishment as stated in Income Tax Act’s clause 27.
- The turnovers of various sectors will be revealed from the database automatically as the firms have provided their GST and PAN details. This generates optimum transparency.
Udyam Registration – Advantages
A pronounced advantage is that enterprises are now ensured of tax refund availability. Besides this businesses can seek benefits by securing affordable bank loans incurring cheaper interest rates. The interest rates come down much lower (around 1-1.5%) compared to regular borrowings.
Minimum Alternate Tax can now be paid over 15 prolonged years contrary to the previous window of 10 years that was provided for credit payment to the small and medium industries.
Low-cost manufacturing plants are finding it easy to establish plants, appeal for patents etc. due to simpler credit availability. Unpaid charges can also be settled via a one-time payment gateway.
Conclusion
The Udyam registration: https://msme.gov.in/ includes a government sign-off furnished along with a unique number and a recognition certificate. This certification is instrumental when you want to authorize that your medium or small-scale business is operational and legal. The whole process is paperless and can be completed by self-declaration.
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