New online system of Udyam registration crosses 50 lakh MSMEs mark

The Ministry of Micro, Small & Medium Enterprises has announced that a new online system of MSME/Udyam Registration launched by the Union MSME Ministry, with effect from 1st July 2020, has stood the test of Time and Technology as more than 50 lakh MSMEs have successfully registered themselves by now. These include over 47 lakh Micro organisations and 2.7 lakh Small Units. Notably, the ministry ad revised the definition of MSMEs and the process of registration w.e.f. 1st July 2020. Also, the ministry launched a new portal for MSME/Udyam registration. The ministry on Tuesday said that since then, the portal is working smoothly. In a major first, this portal is seamlessly integrated with CBDT and GST networks as also with the GeM. It may be noted that through this integration, now MSME registration is a totally paperless exercise. As per the ministry, enterprises that are not yet registered should register themselves to avail the benefits of the Ministry of MSME and other Government agencies. The registration is free of cost and should be done only on the Government portal.