MSME (Micro, Small & Medium Enterprises) Development Act, 2006 is a gift by Government to protect and promote their business. Udyog Aadhaar previously termed is now Udyam.
A drive to safeguard industry and all small segment it has widened its ambit from manufacturer to Service and now it include even wholesaler to retailer.
It absolutely not chargeable by Government, has lesser documentation, no routine or regular filing or any compliance. The best is that it is applicable to safeguard any outstanding for these MSE and even it equally applies to Government and its units, agencies and bodies, supersede any terms of understanding as payment from due date of delivery of product or services should settle in given time frame as Act has stated.
Additional benefit of being a priority sector, lending rate of banks will be easier, smooth and at less cost, the scope for many segments for reserve trade benefit to MSE units only, multiple subsidies and duty benefits including government fees waiver or at discounted charges.
So, in short if its applicable in anyone's case it is a must and should not be missed out. In case of any further confusion, SIMPLIFIED is there for your assistance and guidance.