Are you still diving into the confusion of business requirements? If you’re a Kirana store owner or planning to start one, understanding the National Industrial Classification (NIC) code system is crucial. The NIC code is a standardized classification used by the Indian government to categorize businesses based on their economic activities. The relevant 2-digit NIC code for kirana store is 47, which pertains to “Retail trade, except of motor vehicles and motorcycles.”

What Is The 2 Digit NIC Code For Kirana Store?

The 2-digit NIC code 47 encompasses all retail trade activities, excluding motor vehicles and motorcycles. This division is further broken down into more specific categories to accurately represent the nature of the retail business. For Kirana stores, which typically sell a variety of food items, beverages, and household goods, the relevant subclass is:

• 47110: Retail sale in non-specialized stores with food, beverages, or tobacco predominating.
• This classification is essential for various legal and administrative processes, including Udyam registration, taxation, and compliance with government regulations.
• A lot of businesses that use kirana store billing software and enhance their operations use this code for business classification and compliance.

Importance Of The NIC Code For Kirana Stores

Understanding and correctly using the NIC code 47 is vital for several reasons:

Udyam Registration: The NIC code is required when registering your business under the Udyam scheme, which offers various benefits to Micro, Small, and Medium Enterprises (MSMEs).

Taxation and Compliance: Accurate classification ensures proper taxation and helps in maintaining compliance with government regulations.

Statistical Analysis: The government uses NIC codes to collect and analyze data on economic activities, which can influence policy decisions affecting your business.

Access to Benefits: Correct classification can make your business eligible for various government schemes, subsidies, and financial assistance programs.

Detailed Breakdown Of Relevant NIC Codes

While the 2-digit NIC code for kirana store 47 is the primary classification for retail trade, it’s beneficial to understand the more detailed codes that fall under this category:

• 4711: Retail sale in non-specialized stores with food, beverages, or tobacco predominating.
• 4719: Other retail sale in non-specialized stores.
• 4721: Retail sale of food, beverages, and tobacco in specialized stores.
• 4771: Retail sale of clothing, footwear, and leather articles in specialized stores.

Selecting the most accurate subclass helps in precisely defining your business activities, which is crucial for regulatory and statistical purposes.

How To Register Your Kirana Store Using The NIC Code

To register your Kirana store under the Udyam scheme:

1. Visit the Udyam Registration Portal: Go to the official Udyam registration website.
2. Fill in Business Details: Provide necessary information about your business, including name, address, and contact details.
3. Enter the 2 Digit NIC Code for Kirana Store: In the relevant section, input the NIC code 47110 to classify your business appropriately.
4. Submit and Obtain Certificate: After submitting the form, you’ll receive a registration certificate, which can be used to avail various MSME benefits.

Conclusion

Understanding and correctly applying the 2-digit NIC code 47 is essential for Kirana store owners in India. It not only ensures compliance with government regulations but also opens doors to various benefits under the MSME sector. By accurately classifying your business and using technologies such as POS billing software, you position yourself for growth, support, and success in the competitive retail market.