NSIC Registration stands for National Small Industries Corporation, for boosting the small scale industries in India, Government provides various incentives and subsidies, all these incentives and subsidies are routed through NSIC.
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NSIC is regulated by National Small Industries Corporation; it is Government of India enterprises managed by Ministry of Small and Medium Enterprises (MSME). NSIC registration and MSME registration goes hand in hand. Government of India use to take sufficient measures and always endeavour to boost small scale industries, in order to promote, aid and foster the growth of Micro Small & medium enterprises in India, NSIC was established.
The core objective of NSIC is to promote and aid MSME, certain benefits provided from NSIC registration are:
- Marketing Support: NSIC establish its marketing intelligence cell which acquire and analyze the information to understand the existing and potential customers. It also prepares and upgrade the database on various products and services after understanding the behaviour of the market. It provides database access to existing MSME registered for bulk buyers in Government and Public sector undertakings (PSUs), it provide database of Indian exporters to various countries as per product wise etc.
- Consortia and Tender marketing: some MSME unable to execute huge contract due to constraint in their capacity, thus for huge contract tender, NSIC use to make consortia of same product MSME which enable them to pool their resources and make their capacity to execute huge contracts.
- Single Point registration: NSIC provide window on its portal nsic.co.in to enable the MSME for single point registration. As per this single point registration, MSME can able to apply for Government Tenders without any cost, MSME registered in NSIC are exempt from making any payment of Earnest Money Deposit (EMD).
- Central Government Tenders and State Government Tenders and bulk orders made by Public Sector Undertakings (PSUs) have specific earmark of 20% purchases from MSME sector. This enable to boost the MSME sector.
- Conducting Trade Fair / Exhibitions: NSIC use to facilitate the MSME to take participation in Trade Fair and Exhibitions, NSIC use to provide concessional rental for MSME for exhibition participation.
- Financial Assistance to NSIC registered units: NSIC registered units get many type of financial assistance as per the scheme of NSIC which includes Bill Discounting, Bank Credit Facilitation, and Providing Infrastructure at very nominal price, etc.
- Technology Support: NSIC registered units get up to date technology information and NSIC use to provide assistance to MSME in technology up-gradation in order to enhance the capacity of MSME and make it strive in global competitive environment.
- Providing access to b2b portal: In order to boost MSME, NSIC establishes its own B2B portal and it facilitates the MSME to participate and generate sales through this B2B platform. It can be access on msmemart.com
For Single point registration of MSME, all those units which are having Udyog Aadhaar or are registered under previous scheme of MSME having EM-II are eligible to get registration in NSIC, the applicant needs to submit online application on nsicspronline.com.
The application shall be submitted along-with registration fees, which is based upon the category of turnover:
- For fresh (new) registration of MSME having turnover upto INR 100 Lakhs, registration fees is INR 3,000 for micro enterprises and INR 5,000 for Small Enterprises.
- For fresh (new) registration of MSME having turnover above INR 100 Lakhs, registration fees is INR 3,000 plus INR 1,500 for every additional turnover of 100 Lakhs and for micro enterprises and INR 5,000 for Small Enterprises plus INR 2,000 for every additional turnover of 100 Lakhs
With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance. We at ReturnFilings.Com will understand the purpose of your NSIC registration in India and thereafter will provide you detailed analysis mentioning the law requirement and compliance need to fulfill in order to operate it economically and efficiently. We at ReturnFilings.Com will provide you details of regulatory filings in order to ensure proper smooth and timely compliance. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliance need.