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MSME stands for Micro, Small, and Medium Enterprises and refers to businesses with fewer than 250 employees. MSMEs are an important part of the global economy, providing employment to millions worldwide and helping drive economic growth. They play a vital role in creating new products, services, and ideas that contribute to society and are often the backbone of local economies. For example, MSMEs employ 60% of the workforce in India and account for over 40% of India’s GDP.
In addition to economic contributions, MSMEs can create more inclusive societies by offering opportunities to vulnerable populations not traditionally part of the formal workforce. As such, governments are increasingly taking steps to ensure that MSMEs can access resources and support to grow and thrive.
For micro-enterprises, the investment should be less than Rs.1 crore, and the annual turnover should be less than Rs.5 crore.
For small enterprises, the investment should be less than Rs.10 crore, and the annual turnover should be less than Rs.50 crore.
For medium enterprises, the investment should be less than Rs.50 crore, and the annual turnover should be less than Rs.250 crore.
For these reasons, registering your MSME is an important step that should not be overlooked. With FRIENDSTAX, you can easily register your MSME without any stress.
Registering your MSME with FRIENDSTAX can offer numerous benefits to business owners. An MSME registration allows you to access various government schemes and financial assistance programs to grow and develop your business.
There is also a range of tax benefits available with MSME registration that can help to reduce your overall tax burden. Furthermore, an MSME registration will give businesses the credibility they need to attract investors and customers. Here are some of the key benefits of registering an MSME:
