Udyam registration (Udyog Aadhar) applicable for traders! MSME registration for traders !
In recent times, the Government of India has launched several initiatives to support small-scale businesses in the MSME sector, such as various schemes, incentives, and subsidized loans. To avail these benefits, businesses need to register through Udyam Registration, which replaced the earlier Udyog Aadhaar registration. Previously, this was known as SSI registration or MSME registration.
Since the launch of Udyog Aadhar or Udyam Registration almost every bank or other departments ask for MSME certificate/ Udyog Aadhar or Udyam registration. Even for opening bank accounts of small proprietary firms banks are asking for MSME registration / Udyog aadhar, without knowing whether MSME registration applicable to Traders or not?
Being the aadhar of small business/MSME, businessman used to get it by any means whether such registration is really required for his/her business or not.
Can trader register under MSME?
Traders were barred from MSME registration / Udyog aadhar / Udyam registration earlier till 02/07/2021.
Now wholesale & retail traders can take Udyam registration /Udyog aadhar vide office memorandum no 5/2(2)/2021-E/P&G/Policy (E-19025) dated 02/07/2021.
Even street vendors can register as retail traders under MSME wide office memorandum 16/17/2020-P&G/Policy (E-19421) dated 09/08/2021
*Update as on 02/07/2021
However MSME Hon’ble Minister Shri Nitinji Gadkariji, tweeted on 02nd July 2021, that wholesale and retail traders will be included in MSME classification and benefit of priority sector lending benefits will be provided to wholesale & retail trades.
#Read more about MSME classifications
#Read more about MSME
