What is SSI/MSME Registration?
SSI Certificate apply for micro, small and medium enterprises and any enterprise that falls under any of these three categories. SSI enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote SSIs, the Government of India through various subsidies, schemes and incentives promote SSIs through the MSMED Act. To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, SSI Registration is required.
Micro, Small and Medium sized enterprises in both the manufacturing and service sector can obtain SSI Registration under the MSMED Act. Though the SSI registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support.
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