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Udyam registration is a new MSME method introduced by the Indian government on July 1, 2020, to streamline the traditional MSME registration process. The name Udyam refers to the enterprises that were previously known as Udyog Aadhaar Registration, and the enrolment or registration procedure will now be referred to as Udyam Registration. MSMEs will now be known as "Udyam," according to a notification issued by the Union Ministry of Micro, Small, and Medium Enterprises (MSME) on June 1, 2020. The new online Udyam Registration procedure will now be more straightforward and straightforward. It provides numerous chances for micro, small, and medium-sized businesses and assists them in achieving their objectives.There are numerous advantages to MSME Udyam Registration that entrepreneurs and new businesses can take advantage of. After the MSME new Udyam Registration is completed, exports of goods or services, or both, will be exempted from calculating the turnover of any firm, whether it is a micro, small, or medium organisation. The GST and Income Tax have been integrated into the new Udyam Registration process by the Union government. The GSTIN and PAN numbers of the businesses that have registered under this system can simply be checked.
The new online web portal service for Udyam Registration has been launched by the Union Ministry of MSME. The registration process will be entirely based on self-declaration, and no paperwork or proof will be required to register under this approach. A firm can be registered using this portal only based on its Aadhaar number. There is no need for any paperwork in this situation.
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