Here we have discussed on the topic that It is also possible for street vendors to register with Udyam Registration. What advantages come with Udyam Registration for street vendors?
One of the most important hierarchical levels on the economic ladder are the street vendors. They greatly boost our economy by peddling their wares on the sidewalk. On their own or in other public places, street vendors engage in a variety of goods and service sales. For the benefit of street vendors, the government has taken a number of actions. The government has now decided to create a separate category under Udyam Registration for street vendors.
For the specific purpose of Priority Sector Lending, MSME has opted to classify street vendors as MSMEs. They are therefore eligible to register on the Udyam Registration Portal for the following NIC Codes and activities that are listed against them:
| NIC Code | Retail and Wholesale Trade |
| 45 | Wholesale and retail trade and repair of motor vehicles and motorcycles |
| 46 | Wholesale trade except for motor vehicles and motorcycles |
| 47 | Retail trade except for motor vehicles and motorcycles |
Advantages from Udyam Registration for Street Sellers
The updated MSME classification will benefit street vendors by providing greater financing choices for companies looking to become organised. It will provide retail MSMEs with the assistance they need to endure, recover, and flourish.
The street vendors who were devastated by the Covid pandemic will now be able to rebuild their enterprises thanks to bank loans, which were previously denied to them. In addition to tax breaks, Udyam registered firms also have easier access to cheaper finance and streamlined business approval processes.
Street vendors can now apply for loans from banks and other financial institutions to help them expand.
Now, street vendors are eligible for a number of government programmes.
Vendors of fruits and vegetables wait in line for loans that are subsidised under the PM scheme. Now apply for udyam registration certificate and get loan through project report.
Udyam Registration for Street Vendor
Udyam registration is a government scheme that aims to provide support and benefits to Micro, Small, and Medium Enterprises (MSMEs) in India. This scheme has now been extended to street vendors as well, who are an essential part of India’s informal economy.
Street vendors, like other small businesses, can now register for Udyam to avail benefits such as access to credit, government schemes, and other support measures. The Udyam registration process is straightforward and can be done online through the Udyam portal.
To register for Udyam as a street vendor, one must provide basic information such as name, Aadhar number, PAN number, and business details such as address and type of business. Once the registration is complete, the street vendor will receive a unique Udyam registration number and certificate, which will enable them to avail the benefits under the Udyam scheme.
By registering for Udyam, street vendors can gain access to various government schemes and initiatives that are designed to promote their growth and development. For example, the Pradhan Mantri Mudra Yojana provides loans of up to Rs. 10 lakhs to micro-enterprises, including street vendors. The Street Vendor AtmaNirbhar Nidhi (SVANidhi) scheme also provides working capital loans of up to Rs. 10,000 to street vendors.
How Street Vendors can apply for udyam registration certificates?
Street vendors can easily apply for Udyam registration certificates by following the below-mentioned steps:
Step 1: Visit the Udyam registration portal
Step 2: Click on the “For New Entrepreneurs who are not Registered yet as MSME” option.
Step 3: Enter the personal details of the street vendor, including name, Aadhaar number, and PAN card details.
Step 4: Provide the business details of the street vendor, such as the name of the business, the type of business, and the address.
Step 5: Enter the bank account details, including the account number and IFSC code.
Step 6: Verify the information provided and submit the application.
Step 7: Once the application is successfully submitted, a unique Udyam registration number will be generated, which can be used to access various benefits and schemes offered by the government.
It is essential to note that street vendors must provide accurate and valid information while applying for Udyam registration. Any incorrect information can lead to the rejection of the application, and the street vendor may miss out on the benefits offered by the government.
The Udyam registration process for street vendors is simple and easy to follow. By registering for Udyam, street vendors can avail themselves of various government schemes and initiatives, including access to credit, working capital loans, and other support measures, which can help them grow and expand their businesses.
What are the documents required for Street Vendors to apply for udyam registration certificates?
To apply for Udyam registration certificates, street vendors need to provide the following documents:
- Aadhaar card: Street vendors need to provide a valid Aadhaar card for identification purposes.
- PAN card: A PAN card is mandatory for business registration, and street vendors need to provide their PAN card details.
- Bank account details: Street vendors need to provide their bank account details, including the account number and IFSC code.
- Business address proof: Street vendors must provide a valid address proof of their business location, such as a rent agreement, lease deed, or property tax receipt.
- Business registration proof: If the street vendor has any registration proof of their business, such as GST registration, they must provide the same.
It is important to note that the documents required for Udyam registration may vary based on the type of business and the state where the business is located. Therefore, street vendors must check the specific requirements for their state before applying for Udyam registration.
Street vendors need to provide valid identification, business registration proof, and address proof documents to apply for Udyam registration certificates. By providing accurate information and completing the registration process, street vendors can avail themselves of various benefits and support measures offered by the government under the Udyam scheme.
Conclusion
In conclusion, Udyam registration is an excellent opportunity for street vendors to access the benefits and support measures offered by the government. By registering for Udyam, street vendors can expand their businesses, gain access to credit, and become an essential part of the formal economy.
One of the most important hierarchical levels on the economic ladder are the street vendors. They greatly boost our economy by peddling their wares on the sidewalk. Although the government has made numerous initiatives to improve the lives of street sellers, like Udyam Registration, there is still a big gap between what should be done and what is actually being done.