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MSME Certification makes a systematic flow of data for government to make the correct calculation of economy etc. Even government also promote MSME Certification. That is why there are a lot of Tax benefits, Finance benefits provided by government to the MSME Certificate holders.
MSME Certification classify the enterprise into different classifications depending upon their Investment. Though it is not mandatory but if any enterprise Register in MSMED Act 2006 then they can avail many benefits that are provided by government.
The following is an inclusive list of benefits of MSME Certification.
1. Government Special Schemes
Government provide a lot assistance to those enterprises which are registered under MSMED Act 2006. Schemes like Credit Guarantee Scheme (CGTMSE), Mudra Loan Scheme etc. MSME Certificate holder can raise loan upto 5 crore with the government guarantee.
2. Bank Schemes
Banks give special treatment to MSME Certificate holders. Banks provide easy loans to these enterprises at lower rate of interest & also give preferential treatment if there is any delay in making payments.
This is only a Inclusive list of Benefits. There are many benefits of MSME which depends upon their classification. Many tax benefits are provided in Indirect Taxations like Excise duty, Service Tax etc.
3. Reservation in Delayed Payment Act
Government also provide reservation in the Delayed Payment Act. Which assist MSME certificate holders to avoid penalties. This Act safeguard the MSME holders from high interest overdue and Penalties.
4. Tax benefits
Central/State government also provided many tax benefits to the MSME Certificate holders. Manufacturers can avail exemption upto 1.5 Crore on their turnover if they fall in a Small Scale Industry definition. Even service provider can also avail exemption upto 10 lakh on their
