Around one crore Micro, Small and Medium Enterprises (MSMEs) have registered on the Udyam portal within a span of 25 months, according to the Union Minister of Micro, Small, and Medium Enterprises.
- Udyam Portal was launched on 1st July, 2020.
- It’s an online system for registering MSMEs, launched by the Union MSME ministry.
- Further, it is linked to the databases of the Central Board of Direct Taxes(CBDT) and Goods and Services Tax Network (GSTN).
- GSTN is a unique and intricate IT enterprise that establishes a channel of communication and interaction between taxpayers, the central and various state governments, and other stakeholders.
- It is fully online, does not require any documentation, and is a step towards Ease of Doing Business for MSMEs.