NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits

The National Industrial Classification (NIC) Code refers to a standardised system that is applicable in India for classification of business activities in assisting in regulation, statistical and compliance purposes. This classification is mandatorily required with Udyam Registration (MSME), Udyog Aadhaar, company incorporation, LLP registration, GST registration, bank documents and approvals relating to business activity.

Businesses that are engaged in Activities of specialized institutions granting credit for house purchases that also take deposits, the appropriate category of NIC is displayed as Class 6419 and Subclass 64192 that allows the activity to be registered as being official government and financial systems. The classification is used by businesses in the industries such as AC repair, water purifier servicing, building material supply, digital signature services, IT consulting, trading, transport, and agricultural trading, painting, recycling, etc.

NIC Class 6419 & Subclass 64192 for Activities of specialized institutions granting credit for house purchases that also take deposits

The NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits falls under:

  • NIC Class: 6419
  • NIC Subclass: 64192

This subclass includes all activities linked with Activities of specialized institutions granting credit for house purchases that also take deposits that are connected to service delivery, manufacturing, trading, supply, installation, support, and maintenance. The business entities that are registered in the form of MSME or as a company will have to use this subclass in order to be properly classified by the ministry of corporate affairs (MCA), GST authorities, and Udyam portal.

Proper selection of NIC Code not only helps in compliance but also in recognizing various government records, tenders, industry licensing, and financial audits.

Importance of NIC Code for Udyam Registration & Udyog Aadhaar

The NIC Code plays an important role in the Udyam Registration process where all the businesses are required to declare the type of operations they are involved in. To businesses that are engaged in Activities of specialized institutions granting credit for house purchases that also take deposits the right NIC Class 6419 and Subclass 64192 helps in:

  • Right classification in Micro, Small or Medium enterprise
  • Eligibility for MSME subsidies and government benefits
  • Avoid making any mistakes in verification process by the Udyam portal
  • Easy linking with GST, PAN, bank accounts and MCA documents
  • Preference in government tenders based on MSME schemes
  • Prevents rejection and delays caused by incorrect classification

Benefits of Using the Correct NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits

Uninterrupted Legal and Financial Compliance

Banks, NBFCs, and government portals verify business activities through NIC codes because they need an accurate classification.

Access to MSME Incentives

  • Collateral-free loans
  • Interest rate subsidies
  • Technological upgrades plans
  • Government reimbursement programs

Fast Company/LLP Incorporation

The MCA system is automatic in cross-verifying the NIC codes and allows a much quicker approvals of businesses in Activities of specialized institutions granting credit for house purchases that also take deposits

Evading Non-compliance Problems

Inaccurate NIC codes can be a problem when you are submitting tax, during audits or when tenders are being applied.

Improved Government Data Transparency

Proper classification improves visibility in Udyam, GST, GeM and industry databases.

Proper Industry Positioning

The NIC code specifically positions your business as a useful part in AC repair, RO maintenance, building materials, electrical stores, IT systems, transport and agricultural trading, other services or manufacturing businesses.

NIC Code Structure for Activities of specialized institutions granting credit for house purchases that also take deposits - Division, Group, Class & Subclass Explained

The NIC is organized in a hierarchical system that assist the government in classifying the businesses accurately:

  • 2-digit Division Code: This recognizes the industry sector.
  • 3-digit Group Code: Classifies businesses in that division.
  • 4-digit Class Code 6419: Defines the primary industrial class.
  • 5-digit Subclass Code 64192: Identifies the specific activity being carried out.
  • Used for NIC Code search, Udyam, Udyog Aadhaar & industry mapping

All the businesses, irrespective of whether they are suppliers, manufacturers, traders or service providers, have to categorize themselves according to this structure.

Description for NIC Code 64192 - Activities of specialized institutions granting credit for house purchases that also take deposits

NIC Code 64192 of Class 6419 covers all businesses that are involved in Activities of specialized institutions granting credit for house purchases that also take deposits and all associated commercial, operational, servicing, manufacturing or trading operations.

Under this code of business, the business can be service centers, consultants, technicians, wholesalers, retailers, manufacturing units, distributors, or support-oriented firms based on the nature of Activities of specialized institutions granting credit for house purchases that also take deposits.

This NIC Code is used during MSME Udyam Registration, Udyog Aadhaar, GST registration, incorporation of companies, tenders, bank loan applications, government licensing and compliance.

This classification provides government agencies the ability to identify the correct business and put into place the correct economic sector.

Frequently Asked Questions (FAQs)

What is the NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits?

The NIC Code of Activities of specialized institutions granting credit for house purchases that also take deposits specifies a particular industrial classification of the activity as per the National Industrial Classification system that helps in properly classifying the business.

What is the description of NIC Code 64192?

NIC Code 64192 includes all the activities related to Activities of specialized institutions granting credit for house purchases that also take deposits, defining the scope, nature, and functions entangled in this line of business.

Who issues the NIC Code in India?

The NIC Codes are issued and maintained by the National Statistical Office (NSO) of the ministry of Statistics and Programme implementation (MoSPI) of the Government of India.

What is the role of NIC Code in Udyam Registration for Activities of specialized institutions granting credit for house purchases that also take deposits?

In Udyam Registration, the NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits, is used to ensure that MSMEs are classified correctly so that they qualify for the government benefits, subsidies, and all the other advantages tied to compliance.

What is the two-digit Division NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits?

The two-digit Division NIC Code of Activities of specialized institutions granting credit for house purchases that also take deposits is indicating the industrial sector in which this activity falls under and then it is later broken down into group, classes, and subclasses.

What is the three-digit Group NIC Code for Activities of specialized institutions granting credit for house purchases that also take deposits?

The three digits Group Code for Activities of specialized institutions granting credit for house purchases that also take deposits is classified into activities in the division along with other similar industries so that it is categorized accurately.