MSME stands for Micro, Small and Medium Enterprises which as per the new definition are categorised based on the investment in Plant and Machinery and Turnover of the establishment. MSME Development Act was enacted for the promotion and growth of Business operating at small or medium scale.
The following are the benefits of MSME Registration:
- Subsidized Rates of Loan
- 50% rebate on Trademark Application
- Protection against delayed payment of buyers
- Credit Guarantee Scheme
Amidst the CoVID-19 crises, few other benefits have been announced for MSME which you can read it here: COVID-19 Relief Package announced for MSME