The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 9, 2021 which includes the urban street vendors in MSME category and the Street Vendors can register as retail trades on Udyam Registration (UR) portal. But the benefits to Retail and Wholesale trade MSMEs are restricted to Priority Sector Lending only. The office memo has provided a list of eligible additional activities under NIC Code 45,46 and 47 are as follows: –
- 45- Wholesale and retail trade and repair of motor vehicle and motorcycles
- 46- Wholesale trade except of motor vehicles and motorcycles
- 47- Retail Trade Except of Motor Vehicles and motor cycles.
Initially, the registration process of Udyog Aadhar Memorandum was applicable, which has now been replaced by the Udyam Registration.
The Udyam Registration is free of cost, transparent, online, hassle- free, based on self-declaration and requires Aadhaar and PAN cards. The registration does not require any documents and has automatic integration with CBDT and GSTIN. In case of an enterprise, when no prior ITR is available, the investment in Plant & Machinery and turnover will be based on self-declaration.
*Tanvi Singh, Editorial Assistant has reported this brief.