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Several path-breaking initiatives taken in 2021: India's MSME Ministry

31 Dec '21

2 min read

Pic: Vinodkumar Amberkhane | Dreamstime.com

In its year-end review, India’s Ministry of Micro, Small and Medium Enterprises (MSME) has said that it has undertaken several path-breaking/ important initiatives during the year 2021. These include Udyam Registration portal, exemption from requirement of having GSTIN, and inclusion of retail and wholesale trade, urban street vendors in MSME category.

The Udyam Registration portal provides faceless, fully online, paperless and transparent MSME registration process fully integrated with Income Tax and GSTIN systems. Total MSMEs registered on Udyam Registration Portal during the period from January 1, 2021 to October 31, 2021 is 38,78,748, the ministry said in its year-end review for 2021.

To let more MSMEs to register on the Udyam portal, the ministry, wide its notification dated March 5, 2021, notified that the exemption from the requirement of having GSTIN shall be as per the provisions of the Central Goods and Services Tax Act, 2017 (12 of 2017).

Subsequently, with effect from July 2, 2021, the Government included Retail and Wholesale trades as MSMEs. They are allowed to be registered on Udyam Registration portal but benefits to them are restricted to Priority Sector Lending only.

Then again, with effect from August 2, 2021, the Government included Street Vendors as Retail Trades as MSMEs. They are allowed to be registered on Udyam Registration Portal, with benefits restricted to Priority Sector Lending only.

Click here to read the complete year-end review of the MSME ministry.

Fibre2Fashion News Desk (RKS)

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