Benefits of Registration: Units would normally get registered to avail some benefits, incentives or support given either by the Central or State Govt. The regime of incentives offered by the Centre generally contains the following :
(a) Credit prescription (Priority sector lending), differential rates of interest etc.
(b) Excise Exemption Scheme.
(c) Exemption under Direct Tax Laws.
(d) Statutory support such as reservation and the Interest on Delayed Payments Act.
(It is to be noted that the Banking Laws, Excise Law and the Direct Taxes Law have incorporated the term SSI in their exemption notifications. Though in many cases they may define it differently. However, generally the registration certificate issued by the registering authority is seen as proof of being SSI.)
- Establishment employing 10-19 persons require to maintain only 3 register and to submit an annual core return only.
- Establishment employing less than 10 persons to maintain only 1 register and submit only an annual core returns.
- The only one Inspector will be responsible for various labour laws, except in case of Factory Act and Boiler Act.