All the Small scale industries (SSI) or Micro, Small and Medium Enterprises (MSME) can register themselves under the MSMED Act. Although it is not compulsory but will be beneficial if you do so. The several benefits include priority sector lending, capital investment subsidies and power tariff subsidies, excise and direct tax exemptions.
MSME or SSI is the best option for them. But most of the time due to different names such as SSI, MSME or Udyog Aadhar people get confused with it. So here in this article, let us understand that is SSI and MSME registration the same.
Is SSI and MSME Registration the same?
There is no such difference between SSI or MSME, SSI or Small Scale Industries was initiated to develop the Small scale industries with the emergence of MSMED (Micro Small and Medium Enterprise Development Act, 2006. Small scale industries (SSI) are those industries in which manufacturing, providing services, productions are done on a small scale or micro scale.
Micro Small and Medium Enterprises are segregated in 3 different types, which are mentioned below:
- Micro Enterprises – When a business sets 25 lacs rupees in a particular business in the manufacturing sector comes under Micro Enterprises. Under the Services sector when an industry sets 10 lakh rupees comes under the service sector of Micro Enterprises.
- Small Enterprises – Small Industries are the one who has set more than 25 lakhs and below 5 crores comes under the manufacturing sector and when the industry invests more than 10 lakhs and less than 2 crores under Services sector comes under Small Enterprises.
- Medium Enterprises – Medium Industries are the one who has set more than 5 crores and below 10 crores comes under the manufacturing sector and when the industry invests more than 2 crores and less than 5 crores under the Services sector comes under Small Enterprises.
Here in this article, we have understood the difference between SSI and MSME registration, it will surely be useful for you to grow your business. If you’re wondering to get MSME registration online then you should visit the MSME registration portal and complete the MSME registration process in bliss.
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