{"id":5855,"date":"2019-08-05T18:47:29","date_gmt":"2019-08-05T13:17:29","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=5855"},"modified":"2020-10-07T12:06:52","modified_gmt":"2020-10-07T06:36:52","slug":"what-is-the-difference-between-nsic-and-msme","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/","title":{"rendered":"What is the difference between NSIC and MSME?"},"content":{"rendered":"\n<p>As we all are aware of India&#8217;s transformation, the youth is moving towards Start-ups. As a result, the Government of India is introducing good schemes to foster the growth of MSMEs in India. Some people are confused about NSIC and MSME. In this article, we will discuss the difference between NSIC and MSME.<\/p>\n\n\n\n<p>NSIC, an authorized enterprise operated under MSME, helps all the MSMEs for their growth and development. NSIC acts as a promoter that aids all MSMEs in respect of marketing schemes, technological development, financial support, etc.<\/p>\n\n\n\n<p>To know more about the difference between NSIC and\nMSME, let&#8217;s proceed further,<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a54e0f25eb58\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a54e0f25eb58\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Difference_between_NSIC_and_MSME\" title=\"Difference\nbetween NSIC and MSME\">Difference\nbetween NSIC and MSME<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#NSIC\" title=\"NSIC\">NSIC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#MSME\" title=\"MSME \">MSME <\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#For_investment_in_the_Manufacturing_sector\" title=\"For investment in the Manufacturing\nsector:-\">For investment in the Manufacturing\nsector:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#For_investment_in_the_Service_sector\" title=\"For investment in the Service sector:-\">For investment in the Service sector:-<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#The_difference_in_the_benefits_of_NSIC_and_MSME\" title=\"The difference in the benefits of NSIC and MSME\">The difference in the benefits of NSIC and MSME<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Benefits_for_NSIC\" title=\"Benefits for NSIC \">Benefits for NSIC <\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Marketing_benefits\" title=\"\u00b7 Marketing benefits\">\u00b7 Marketing benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Financial_support\" title=\"\u00b7 Financial support\">\u00b7 Financial support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Technology_Support\" title=\"\u00b7 Technology Support\">\u00b7 Technology Support<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Benefits_for_MSMEs\" title=\"Benefits for MSMEs \">Benefits for MSMEs <\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Financial_Aid\" title=\"\u00b7 Financial Aid\">\u00b7 Financial Aid<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Government_tenders_preference\" title=\"\u00b7 Government tenders preference\">\u00b7 Government tenders preference<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Tax_benefits\" title=\"\u00b7 Tax benefits\">\u00b7 Tax benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Exemption_from_Excise\" title=\"\u00b7 Exemption from Excise\">\u00b7 Exemption from Excise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Electricity_Bill_concession\" title=\"\u00b7 Electricity Bill concession\">\u00b7 Electricity Bill concession<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Protection_against_delayed_payment\" title=\"\u00b7 Protection against delayed payment\">\u00b7 Protection against delayed payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Subsidy_on_registration_of_patents\" title=\"\u00b7 Subsidy on registration of patents\">\u00b7 Subsidy on registration of patents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Growth_Opportunities\" title=\"\u00b7 Growth Opportunities\">\u00b7 Growth Opportunities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#%C2%B7_Exemption_on_overdraft_interest_rate\" title=\"\u00b7 Exemption on overdraft interest rate\">\u00b7 Exemption on overdraft interest rate<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#The_difference_in_the_documents_required_for_NSIC_and_MSME\" title=\"The difference in the documents required for NSIC and MSME\">The difference in the documents required for NSIC and MSME<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Documents_needed_for_NSIC\" title=\"Documents needed for NSIC\">Documents needed for NSIC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Documents_Required_for_MSME\" title=\"Documents Required for MSME \">Documents Required for MSME <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#The_difference_in_the_procedure_of_NSIC_and_MSME\" title=\"The difference in the procedure of NSIC and MSME\">The difference in the procedure of NSIC and MSME<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Process_of_NSIC\" title=\"Process of NSIC\">Process of NSIC<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#1_Apply_Online\" title=\"1. Apply Online\">1. Apply Online<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#2_Filling_details\" title=\"2. Filling details\">2. Filling details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#3_Details_of_the_Branch\" title=\"3. Details of the Branch\">3. Details of the Branch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#4_Securitization_of_Documents\" title=\"4. Securitization of Documents\">4. Securitization of Documents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#5_Granting_Certificate\" title=\"5. Granting Certificate\">5. Granting Certificate<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Procedure_of_MSME\" title=\"Procedure of MSME\">Procedure of MSME<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/swaritadvisors.com\/learning\/what-is-the-difference-between-nsic-and-msme\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difference_between_NSIC_and_MSME\"><\/span>Difference\nbetween NSIC and MSME<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NSIC\"><\/span>NSIC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NSIC (National Small Industries Corporation) is the ISO\ncertified enterprise of the Government of India under Micro, Small and Medium\nEnterprises. NSIC is created in 1955 to support and promote the Indian MSMEs.\nNSIC operates through various technical centers and offices around the country.\nIt has a total of 128 branches so that applicants can submit all their\ndocuments for the verification of the application.<\/p>\n\n\n\n<p>The <strong>Mission of NSIC<\/strong> is to aid and promote Indian\nMSMEs by providing them technological, marketing, financing, and other allied\nservices.<\/p>\n\n\n\n<p>And, The <strong>Vision<\/strong> of NSIC is to become the leading\norganization that fosters the growth of all Indian MSMEs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MSME\"><\/span>MSME <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>According to the provision of MSMED (Micro, Small and\nMedium Enterprise Development) Act, 2006, MSMEs (Micro, Small and Medium\nEnterprises) are classified according to their investments contribution in\nservice and manufacturing sectors respectively. The classification is as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"For_investment_in_the_Manufacturing_sector\"><\/span>For investment in the Manufacturing\nsector:-<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li>Micro-Enterprise- Less than Rs.25 lakhs.<\/li><li>Small-Enterprise- More than Rs.25 lakhs but less\nthan Rs.5 crores.<\/li><li>Medium-Enterprises- More than Rs.5 Crores but\nless than Rs.10 crores.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"For_investment_in_the_Service_sector\"><\/span>For investment in the Service sector:-<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li>Micro-Enterprise- Less than Rs.10 lakhs.<\/li><li>Small-Enterprise- More than Rs.10 lakhs but less\nthan Rs.2 crores.<\/li><li>Medium-Enterprises- More than Rs.2 Crores but\nless than Rs.5 crores.<\/li><\/ul>\n\n\n\n<div class=\"browse\">\n<p>Browse through our articles on services provided at <a href=\"https:\/\/swaritadvisors.com\">Swarit Advisors<\/a>, and just let us know if we can help you with your company registration or tax filing or trademark registration.<\/p>\n<div class=\"browse1\">\n<table class=\"table1\">\n<tbody>\n<tr>\n<td><span><a href=\"https:\/\/swaritadvisors.com\/private-limited-company-registration\">Register a Company<\/a>&nbsp;<\/span><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/payroll-management\"><span>Payroll Management<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/msme-registration\"><span>MSME Registration<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/limited-liability-partnership\"><span>LLP Registration<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/fssai-license\"><span>FSSAI registration<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/trademark-registration\"><span>Trademark Registration<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/partnership-firm-registration\"><span>Partnership Firm Registration<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/nidhi-company-registration\"><span>Nidhi Company Registration<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/shop-establishment-license\"><span>Shop &amp; Establishment License<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_difference_in_the_benefits_of_NSIC_and_MSME\"><\/span>The difference in the benefits of NSIC and MSME<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/benefits-advantage-assests-bonus-wages-concept_53876-15881.jpg\" alt=\"Difference between NSIC and MSME\" class=\"wp-image-5874\" width=\"489\" height=\"285\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/benefits-advantage-assests-bonus-wages-concept_53876-15881.jpg 626w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/benefits-advantage-assests-bonus-wages-concept_53876-15881-300x175.jpg 300w\" sizes=\"(max-width: 489px) 100vw, 489px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_for_NSIC\"><\/span>Benefits for NSIC <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Marketing_benefits\"><\/span>\u00b7 Marketing benefits<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol><li>NSIC registered companies can participate in\nInternational Fairs organized by NSIC in other countries.<\/li><li>Companies registered under NSIC can also participate in\nexhibitions, business fairs, and trade fairs organized in India.<\/li><li>These companies can also participate in Tech-mart\nExhibitions organized by NSIC.<\/li><li>NSIC companies are also allowed to participate in\nBuyers-sellers meet with other industries and government associations as well.<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Financial_support\"><\/span>\u00b7 Financial support<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol><li>NSIC registered companies can get government assistance\nin procuring raw materials from government agencies and National&amp;\nInternational sellers.<\/li><li>These companies can also get assistance from financial\ninstitutions and banks in availing credit facilities. <\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Technology_Support\"><\/span>\u00b7 Technology Support<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol><li>NSIC companies can also get help from government\naccredited laborites for testing.<\/li><li>They can also get support from the government for new\ntechnologies and innovation.<\/li><li>They are also eligible to get training on skills\ndevelopment.<\/li><li>They also get government assistance in computer-aided\nproduct designing.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_for_MSMEs\"><\/span>Benefits for MSMEs <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Financial_Aid\"><\/span>\u00b7 Financial Aid<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>MSME registered companies can easily take loans from\nbanks. Under the Credit Guarantee Fund Scheme of Government of India, all the\nmicro and small enterprises can get collateral-free loans from banks and\nfinancial institutions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Government_tenders_preference\"><\/span>\u00b7 Government tenders preference<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Companies registered as MSME can get preference in\nprocuring tenders of the Government of India. MSMEs with innovative techniques\ncan also get choices in these tenders.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Tax_benefits\"><\/span>\u00b7 Tax benefits<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>MSME registered companies can enjoy primary year tax\nbenefits according to the nature of their business. MSMEs can also get Octroi\nrefunds and Stamp Duty benefits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Exemption_from_Excise\"><\/span>\u00b7 Exemption from Excise<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>MSMEs can gain an advantage over excise duty in their\ninitial year depending on the nature of their business prescribed under\nGovernment schemes.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Electricity_Bill_concession\"><\/span>\u00b7 Electricity Bill concession<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Companies registered as MSME are also eligible to enjoy\nconcessions on their electricity bills. Companies need to make an application\nto the Electricity Department along with their MSME Certificate.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Protection_against_delayed_payment\"><\/span>\u00b7 Protection against delayed payment<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>All MSMEs are protected against delayed payments from\ntheir buyers. The government gives a right to MSMEs to charge a rate of\ninterest on late payment.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Subsidy_on_registration_of_patents\"><\/span>\u00b7 Subsidy on registration of patents<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>MSMEs can get a 50% subsidy on their patent\ncertification by making an application to the concerned department with MSME\nCertificate.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Growth_Opportunities\"><\/span>\u00b7 Growth Opportunities<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The government is supporting MSMEs in all ways to\nexpand their business on national and international. And, MSMEs are also\neligible for IPS (Industrial Promotion Scheme).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%C2%B7_Exemption_on_overdraft_interest_rate\"><\/span>\u00b7 Exemption on overdraft interest rate<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>MSMEs can get a 1% exemption on the interest rates of\nbank overdrafts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_difference_in_the_documents_required_for_NSIC_and_MSME\"><\/span>The difference in the documents required for NSIC and MSME<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/closeup-working-table-workplace-office_53876-42971.jpg\" alt=\"Difference between NSIC and MSME\" class=\"wp-image-5875\" width=\"483\" height=\"221\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/closeup-working-table-workplace-office_53876-42971.jpg 626w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/closeup-working-table-workplace-office_53876-42971-300x138.jpg 300w\" sizes=\"(max-width: 483px) 100vw, 483px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_needed_for_NSIC\"><\/span>Documents needed for NSIC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul><li>Identity proof of owners (Aadhar card, Voter ID\nand Driving License)<\/li><li>PAN card of Directors<\/li><li>Incorporation Certificate of the Company<\/li><li>Address proof the registered Office (Possession\nLetter and Lease Agreement)<\/li><li>Utility Bill, in case of owned land<\/li><li>Rent Agreement and NOC from Landlord, if\napplicable<\/li><li>Article of Association<\/li><li>Memorandum of Association<\/li><li>Description of Product and service for the\nproposed NSIC registration<\/li><li>Banker&#8217;s Statement to specify the financial\nposition of the Company as per Application Form Performa (F)<\/li><li>Measures for Quality Control Standard testing\ninstalled in the Company<\/li><li>Past three years statement of Operations, sealed\nby CA.<\/li><li>Financial Statements (Profit&amp; Loss A\/C,\nBalance Sheet, and Trading A\/C) of the Company signed by an authorized person.<\/li><li>Copy of MSME Certificate<\/li><li>Declaration regarding dissociation with large\ncompanies.<\/li><li>Receipt of equipped Plant and machinery.<\/li><li>Copy of BIS license, if any.<\/li><li>Description regarding Human Resource in the\nCompany<\/li><li>Certificate of ISO 9000, optional<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_MSME\"><\/span>Documents Required for MSME <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul><li>Address proof of the registered office.<\/li><li>Copy of sales and purchase bills<\/li><li>MOA\/Partnership Deed<\/li><li>Receipts of equipped Plant and Machinery<\/li><li>Copy of the Industrial License<\/li><li>NICC (National Industrial Classification Code)<\/li><li>Canceled Cheque<\/li><li>Identity and address proof of directors<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_difference_in_the_procedure_of_NSIC_and_MSME\"><\/span>The difference in the procedure of NSIC and MSME<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/ffff.jpg\" alt=\"difference between NSIC and MSME\" class=\"wp-image-5878\" width=\"498\" height=\"280\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/ffff.jpg 626w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2019\/08\/ffff-300x169.jpg 300w\" sizes=\"(max-width: 498px) 100vw, 498px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_NSIC\"><\/span>Process of NSIC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Apply_Online\"><\/span>1. Apply Online<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The first step for register your Company under NSIC is to register online under SPRS and upload all the required documents. The documents should be clear and original because any discrepancy will lead to rejection. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Filling_details\"><\/span>2. Filling details<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Under the next step, the applicant needs to fill\ndetails of the following:<\/p>\n\n\n\n<ul><li>PAN number of the Company<\/li><li>Name of the Organization<\/li><li>Nature of business<\/li><li>Udhyog Aadhar number<\/li><li>GST number<\/li><li>Contact details<\/li><li>Selection of Inspecting Agency<\/li><li>Preference regarding NSIC branch<\/li><li>Description of major category products which\nrequires NSIC registration<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Details_of_the_Branch\"><\/span>3. Details of the Branch<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>After filling all the details, the applicant will\nreceive an mail on their registered e-mail id of the selected NSIC branch. All\nthe details regarding branch name, address, timings, contact number, etc. will\nbe mailed to the applicant.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Securitization_of_Documents\"><\/span>4. Securitization of Documents<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>In this step, the applicant has to visit the branch for\nverification of documents. The applicant needs to show original documents to\nthe authorized person if demanded.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Granting_Certificate\"><\/span>5. Granting Certificate<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>After all the verification by NSIC authorized person\nand Inspection agency, the authority will issue the NSIC certificate to the\nCompany.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_of_MSME\"><\/span>Procedure of MSME<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol><li>To register the organization as<a href=\"https:\/\/swaritadvisors.com\/learning\/how-to-do-msme-registration-under-udyog-aadhaar\/\"> MSME<\/a>, the entrepreneur has to fill the 12 digits Udhyog Aadhar Number.<\/li><li>In the next window, the applicant has to fill the name of the directors and click on &#8220;Validate and Generate OTP&#8221; to validate their Aadhar.<\/li><li>Then, the applicant has to make gender selection and status of physically handicapped.<\/li><li>In the next step, the applicant has to fill the following details: <\/li><li>Name of the Organization<\/li><li>Type of Organization<\/li><li>PAN card details in case of PVT LTD or LLP or partnership or Cooperative<\/li><li>Plant locations or Business operations unit<\/li><li>Registered Company Address (State, district and PIN code)<\/li><li>Date of commencement of business operations<\/li><li>Bank details of the current account<\/li><li>The major category of the organization<\/li><li>Number of Employees in the organization<\/li><li>The worth of plant and machinery employed<\/li><li>Location of DIC (District Industries Center)<\/li><li>After filling all the required details, the applicant can make the final submission of his application online by entering the second time generated OTP and Re-Captcha.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>So, to register your Company under NSIC and to avail all its benefits, one should register their Company as MSME. Whether you are registering as MSME or NSIC, you can enjoy various government schemes and profits for your business.<\/p>\n\n\n\n<p> Therefore, the registration process of MSME registration is quite straightforward than NSIC. NSIC registration is quite tricky due to its verification and inspection by different government authorized agencies. So, hire professionals for your NSIC and MSME registration and grow your business with all government support.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we all are aware of India&#8217;s transformation, the youth is moving towards Start-ups. As a result, the Government of India is introducing good schemes to foster the growth of MSMEs in India. Some people are confused about NSIC and MSME. In this article, we will discuss the difference between NSIC and MSME. NSIC, an [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":5860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[141,514],"tags":[534,536,535,190,142,533,513],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/5855"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=5855"}],"version-history":[{"count":29,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/5855\/revisions"}],"predecessor-version":[{"id":13724,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/5855\/revisions\/13724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/5860"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=5855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=5855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=5855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}