National Industrial Classification code is also known as NIC Code is an inevitable statistical standard designed to analyse and compare contribution of each business entity in the asset development of the Indian Government. An accumulative data of multiple firms is used to measure economically active populace and its conveyance, arrange different types of labour, work insights of the distinctive fields, and other financial information, such as national salary.
The NIC code is one kind of business code which is provided by the government of India to track and analyse the business proceedings for the organizations under the MSME (micro, small and medium enterprises). The NIC code is availed to track the business proceedings of the organizations carefully and precisely.
Here we can say that the national industrial classification is mandatory to monitor the business of the organization which is already registered under the MSME sector.
Where NIC Code will Used?
1) UDYAM Registration:
An individual need to apply for registration on the UDYAM portal, to register as micro, small or medium sized businesses under the MSME Development Act, 2006. While applying for registration on the UDYAM portal, it is essential to submit the NIC Code.
2) Company Registration or LLP Registration:
For incorporating a company or a LLP, an individual needs to register the respective company or LLP on the MCA (Ministry of Corporate Affairs) Portal. While registering your firm, the NIC code of the business is neede.
What is the Role of NIC Code for MSME Registration Under Udyog Aadhaar?
NIC is needed when filling a form for registering under the Udyog Aadhaar for a MSME. One needs to fill the information like Aadhar card number, name of the entrepreneur and enterprise, nature of the business, activities of MSME Unit, phone number, postal address, bank details and NIC Code.
The NIC Code in MSME is a classification system that enables one to classify the business activities carried by various MSME. It is a numerical code of two to three -digit code, a four-digit code, and a five-digit code. Where two to three -digit code represent the group of business activities, four-digit code represent a class of business activity and five-digit code represents sub-class of the business activity.
NIC Code for Retailers
It can be found out quite easily by visiting the website msmeregistrar.org. The NIC code for the retail business is usually a two-digit number which varies from company to company.
NIC Code for Trading Business
It can be found out quite easily by visiting the website msmeregistrar.org. NIC code for the trading business is also two-digit numbers which are presented to regulate the business with the GoI. It is mandatory that the government of India regulates the business under the scheme of Udyog Aadhar to allow the traders to enjoy the benefits of loans and other benefits in the MSME sector.
NIC Code for The Hardware Business
The NIC code for this business is usually a 5-digit number such as 47523, 47524 etc. It is also for easily find under the website msmeregistrar.org.
NIC Code for Car Repair
The NIC Code for car repair & maintenance is also a 5-digit number which is available on the website msmeregistrar.org. This is very crucial to remember that these codes are presented by the government of India to help the organizations under the MSME sector.
NIC Code for Import-Export
The NIC Code for import-export is essential for the organization who is registered under the medium sector of the MSME. These businesses have the keen requirement for import and export functions which can be maintained if it is placed under a code of national industries. The code is available on the website msmeregistrar.org. It is mandatory to remember lower taxes on the import and export can be done if the organization registered under the MSME sector.
NIC Code for Mobile Repair Shop
The NIC code for mobile repair shops can easily found on the website of msmeregistrar.org. The mobile repair shops are usually coming under the hardware category or the maintenance of the hardware category.