Sunday, 2 August 2020

FAQ & Clarification for Udyam Registration



FAQ & CLARIFICATION FOR UDYAM REGISTRATION:


FAQ FOR UDYAM REGISTRATION


1. Whether any fee payable for Udyam Registration?

There is no fee is being charges by Government for Udyam Registration.

2. Whether mandatory to have PAN & GST for Udyam Registration.

PAN & GST is mandatory after 01st April 2021 till then its not mandatory to have PAN & GST.

3. Whether mobile no should be linked with aadhaar?

As Udyam registration is issued only on the basis of Aaadhaar no & OTP is sent to verify the applicant. Hence if mobile no is not linked then it will not be possible to verify. Without OTP application will not be processed. Hence first link mobile with aadhaar from aadhaar center & then apply for Udyam Registration.

4. Whether Udyam Registration having any validity period?

Udyam Registration is not having any validity period, it is issued once for an enterprise.

5. Whether require any renewal of Udyam registration certificate?

Udyam registration issued is not require to get renewed again. Its issued once & there is no such condition for renewal. 

6. Whether any Government fee is payable for Udyam registration?

Government is not charging any fee for Udyam registration. Hence NIL fee is payable for Udyam registration.

7.Whether already registered enterprise under udyog aadhar require to re-register for Udyam registration?

All enterprise already registered under udyog aadhar or new enterprise to get status of micro, small or medium enterprise is mandatory require to get itself registered on Udyam portal. Hence Udyam Registration is mandatory for all existing already registered enterprises as well.


CLARIFICATION ISSUED BY MINISTRY OF MSME DT 06TH AUGUST, 2020.


The Government has received some representation seeking clarification on certain issues came before the stakeholders regarding Udyam Registration.

1. Whether the existing EM Part II and/or UAMs (Udyog Aadhaar Memorandum) of the MSME as issued till 30th June, 2020 are valid or not?


It is clarified by Ministry that at present they are valid. Para (3) of Clause 7 of the Notification no S.O. 2119 (E) dated 26.6.2020 clearly says "The existing enterprises registered prior to 30th June, 2020, shall continue to be valid only for a period up to the 31st day of March, 2021"

Therefor it is clarified and emphasized that all the existing EM Part II and  UAMs obtained till 30th June 2020 shall remain valid till 31st March, 2021.

2. Whether existing UAM holders may edit or amend their details on the UAM portal?


It is clarified that the same can be done till 31st March, 2021. Those enterprises that have not entered their Aadhaar or PAN number so far in the UAM portal are hereby advised to obtain "Udyam Registration Number" well before 31st March, 2021.

3. Which action to be taken before 31st March, 2021 by Entrepreneurs?


Since the existing registrations as EM Part II and/or UAMs will not remain valid after 31st March, 2021. It is strongly recommended that their holders file fresh registration in the new Udyam Registration Portal (https://udyamregistration.gov.in).

4. Whether enterprises registered till 30th June, 2020 will be re-classified as per new MSME definition?


All enterprises registered till 30th June, 2020 shall be re-classified in accordance with this notification.

To make the re-classification proper and realistic, it is necessary that the latest details are entered by the MSMEs.

Therefore, all enterprises with EM Part II and/or UAMs are advised to register themselves on the Udyam Registration well before 31st March, 2021 in the Udyam Registration portal (www.udyamregistration.gov.in).

5. Clarifications sought by the entrepreneurs regarding valuation of plant and machinery or equipment on cost or purchase price while filing the Udyam Registration.


As per Para 3 of clause 4 Notification no S.O. 2119(E) dated 26.6.2020 reads as follows:

"The expression plant and machinery or equipment of the enterprise, shall have the same meaning as assigned to the plant and machinery in the Income Tax Rules, 1962 framed under the Income Tax Act, 1961 and shall include all tangible assets (other than land and building, furniture and fittings)". 

6. Whether Written Down Value (WDV) or cost of acquisition or original price will be considered for value of Plant and Machinery or Equipments?


It is clarified that online form for Udyam Registration captures depreciated cost as on 31st March each year of the relevant previous year. Therefore, the value of Plant and Machinery or Equipment for all purpose of the Notification dated 26.06.2020 and for all the enterprises shall mean the Written Down Value (WDV) as at the end of the Financial Year as defined in the Income Tax Act and not the cost of acquisition or original price, which was applicable in the context of the earlier classification criteria.

7. RBI Circular for MSME new classification.


RBI is being requested to revisit their Circular RBI/2020-2021/10 FIDD.MSME & NFS.BC.No.3/06.02.31/2020-21 (https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MSME906FF936758A47D0B0B41F7C7332B3CF.PDF) dated 02nd July, 2020.   

Reference for above clarifications


DISCLAIMER:- THE ARTICLE HAS BEEN WRITTEN BY SUDHIR ARYA, COMPANY SECRETARY IN PRACTICE & STARTUP CONSULTANT. DUE CARE HAS BEEN TAKEN TO ENSURE THE CORRECTNESS OF INFORMATION. IT'S BASED ON THE RELEVANT INFORMATION AVAILABLE AT THE TIME OF WRITING IT. HOWEVER, THIS ARTICLE CAN'T BE CONSTRUCTED AS LEGAL OPINION AND WRITER WILL NOT BE LIABLE FOR ANY DIRECT OR INDIRECT RESULT FROM THIS ARTICLE. THIS ARTICLE IS ONLY FOR KNOWLEDGE SHARING INITIATIVE.

ANY SUGGESTIONS ARE WELCOME TO INCREASE THE EFFECTIVENESS OF THE ARTICLE. FOR ANY QUERY OR SUGGESTION WRITER CAN BE REACHED AT MAILTOSUDHIRARYA@GMAIL.COM OR WWW.SUDHIRARYA.COM

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