Here we have shown the Udyam Registration Benefits Infographic for MSMEs. These are the benefits of Udyam registration for registered small scale business enterprises.
Formally, MSMEs were described in terms of investment in plant and machinery. But this requirement for the description was long criticized because credible and detailed descriptions of investments were not readily accessible by authorities. The Union Cabinet then agreed in February 2018 to change the criteria to ‘annual turnover,’ which was more consistent with the imposition of the GST.
On receipt of the recommendations of the Advisory Committee, the Central Government notified those requirements for the classification of enterprises as micro, small and medium enterprises and, with effect from 1 July 2020, specified the type and process for the filing of the memorandum (Udyam Registration).
Source: https://eudyogaadhaar.org/blog/benefits-of-udyam-registration
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