Are SSI Certificate and MSME Certification is the Same or Different?
MSME is the short form of Micro, Small and Medium Enterprises whereas SSI stands for Small Scale Industries
MSME is the short form of Micro, Small and Medium Enterprises whereas SSI stands for Small Scale Industries.
An enterprise is called a Micro Enterprise if:
An enterprise is called a Small Enterprise if:
An enterprise is called a Medium Enterprise if:
If the major activity of the business is to provide services, the MSME’s are categorized as below:
MSME Registration is necessary for developing accountability and transparency in the Micro, Small, and Medium enterprises as well as Small Scale Industries.
After the documents necessary for MSME registration are submitted and accepted by the Government, the business will receive a document which is known as MSME Certificate/SSI Certificate.
This scheme is majorly offered to the startups and small business owners in order to support them financially.
In a developing country like India, MSME industries are known as a major contributing factor of the economy.
The Micro, Small and Medium Enterprises (MSME) play a significant role by contributing in the growth of Indian economy. The Indian economy, which is majorly dependent upon agriculture and small businesses, benefits at a major level from the Micro, Small and Medium Enterprises (MSME’s) and Small and Medium Enterprises whereas SSI stands for Small (SSI’s).
MSME is known as the backbone of the economy and is highly supported by the Government.
Small and medium enterprises fall under SSI/MSME Registration category.
The Micro, Small and Medium Enterprises Development Act, 2006 aims at facilitating the promotion, development and enhancing the effectiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto.
MSMED Act provides various procedures and methods for the successful operations, development, growth, boost, and maintenance of industry standards in the market of MSME and establishment of National board for MSME Registration.
To avail benefits, incentives, schemes, and subsidies granted by the Government, MSME entrepreneurs and business owners need to register themselves under the SSI Registration / MSME Registration Act with the concerned department.
Any enterprise that is registered under the MSME Registration / SSI Registration will avail the below mentioned benefits:
Certain criteria are supposed to be followed before applying for msme registration:
By reading the article, it is clear that MSME Certificate is the same as SSI Certificate.
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