NIC Code for Bars Restaurants With Bars - 56301

The National Industrial Classification (NIC) Code is a standard system applicable in India to classify business activities to assist regulation, statistical as well as compliance. This classification is compulsory with Udyam Registration (MSME), Udyog Aadhaar, company incorporation, LLP registration, GST registration, bank documents and industry-related approvals.

In the case of a business engaged in Bars and Restaurants with bars the appropriate category of NIC is displayed as Class 5630 and Subclass 56301 that allows the activity to be registered as being official government and financial systems. The classification is used by businesses in the industries like AC repair, water purifier servicing, building material supply, digital signature services, IT consulting, trading, transport, and agricultural trading, painting, recycling, etc.

The NIC Code for Bars and Restaurants with bars is categorized as:

• NIC Class: 5630
• NIC Subclass: 56301

This subclass has all such activities associated with Bars and Restaurants with bars that are related to service delivery, manufacturing, trading, supply, installation, support, and maintenance. Businesses that are registered in the form of MSME or as a company have to use this subclass in order to be properly classified by the ministry of corporate affairs (MCA), GST authorities, and Udyam portal.

Choosing the appropriate NIC Code not only helps in compliance but also in recognition in government records, tenders, industry licensing, and financial audits.

The NIC Code is vital in the Udyam Registration process where all the businesses are required to declare the type of operations they are involved in. To businesses engaged in Bars and Restaurants with bars the right NIC Class 5630 and Subclass 56301 helps in:

• Correctly classify as Micro, Small or Medium enterprise
• Eligibility for MSME subsidies and government schemes
• Eliminate errors in Udyam portal verification process
• Easy linking with GST, PAN, bank accounts and MCA documents
• Preferred in government tenders under MSME schemes
• Prevents rejection and delays caused by incorrect classification

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 Bars and Restaurants with bars

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.

The National Industry Classification (NIC) features an organization in a systematic hierarchy that allows government to categorize and classify businesses accurately:

• 2-digit Division Code: This identifies the industry sector.
• 3-digit Group Code: Classifies businesses in that division.
• 4-digit Class Code 5630: Defines the primary industrial class.
• 5-digit Subclass Code 56301: This Identifies the specific activity performed and carried out.
• Used for NIC Code search, Udyam, Udyog Aadhaar & industry mapping

All businesses, regardless of whether they are suppliers, manufacturers, traders or service providers, need to categorize themselves in accordance with this structure.

NIC Code 56301 of Class 5630 covers all businesses that are involved in Bars and Restaurants with bars 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 Bars and Restaurants with bars.

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.