On Friday, the centre as another relaxation notified provision as per which new enterprise registration can be done on the web just on the basis of self-declaration from July 1. This does away with the requirement of uploading certificates and documents. As per officials the norm could be allowed as the Udyam registration process is well-integrated with the income tax and GST. Additionally, the details fed in can be checked upon using PAN and GSTIN details.
"An enterprise can be registered just on the basis of Aadhaar number. Other details can be given on self-declaration basis without any requirement of uploading or submitting any paper - thus it is a paperless exercise in true sense," an official statement said.
There is also an emphasis made that now on MSMEs will be referred as Udyam, being closer in meaning to the word 'enterprise' and thereby the registration process will be called Udyam Registration.
For classifying an enterprise into an MSME, investment in plant and machinery or equipment as well as turnover is taken into account. Also, for computing the turnover whether the enterprise be small, medium or micro, the exports of goods or service or both shall not be accounted for.
"The process of registration can be done online through the portal which will be made known to the public before 1 July, 2020, the date from which this new arrangement is going to be effective," the statement said.
As per the earlier clarification, MSMEs will be classified on the basis of investment and turnover from July 1, 2020.