SSI stands for Small Scale Industries. Registering an organisation as an SSI will entitle the organisation to various benefits. A brief account of SSI registration, procedures and benefits are given below
Benefits from Registration:
- * Credit prescription (Priority sector lending), differential rates of interest
- * Excise Exemption Scheme
- * Direct Tax exemption
- * Statutory support
- * To have track of small scale industries to which the incentives and support can be targeted.
- *To provide a certificate enabling the organisations to avail statutory benefits and protection.
- * To enable collection of statistics.
- * To create nodal centres at various levels to promote SSI.
- * District Industries Centre is the primary registering authority
- * Registration is voluntary and not mandatory
- * There are two types of registrations. Initially, a provisional registration certificate is issued and after commencement of production, a permanent registration certificate is issued
- * The provisional registration certificate is valid for a period of 5 years and permanent registration is given in perpetuity.
- * Income-Tax exemption and Sales Tax exemption as per State Govt. Policy.
- * Incentives and concessions in power tariff etc.
- * Price and purchase preference for goods produced.
- * Availability of raw material depending on existing policy.
- * Permanent registration of tiny units should be renewed after 5 years.
Even though there is no statutory basis for SSI registration, organisations would normally get registered to avail some benefits, incentives or support given either by the Central or State Government. Some of the incentives are as follows:
Objectives of Registration under the SSI scheme:
Features of SSI Scheme:
The permanent registration certificate entitles the organisation to the following benefits: