An innovative start-up company with MSME registration can get an exemption from tax for 7 years. The only condition is that the turnover shall not be more than Rs 2.5Cr. The Income Tax Act allows you to take advantage of this benefit. According to this guideline, businesses with up to ten years of operation are considered start-ups. Additionally, it permits a 15-year credit carryover for minimal tax substitutes.
Obtaining permits, registrations, and approvals for your microenterprise becomes considerably simpler once you have the MSME certificate. These applications will move more quickly if you can present your MSME certificate. Participating in international trade shows, exhibitions, and buyer-seller meetings earns you preferential treatment.
Several advantages are provided to MSME registered companies when it applies to a government contract through tender. Tender sets may be distributed without charge and are not required to pay earnest money. The security deposit is also waived upto a particular limit.
Loan Collateral Free
The Indian government provides MSMEs across the nation with loans without collateral. This makes sure you have the resources needed to start your dream business, and you may even utilize it to grow your company.