NIC Code for Cargo Handling Incidental Water Transport - 52242

The National Industrial Classification (NIC) Code is a standard system in India that is used to classify business activities to help in regulations, statistical and 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 any business is engaged in Cargo handling incidental to water transport the correct category of NIC is displayed as Class 5224 and Subclass 52242 that allows the activity to be registered as being official government and financial systems. This particular 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 Cargo handling incidental to water transport is categorized as:

• NIC Class: 5224
• NIC Subclass: 52242

This subclass has all such activities associated with Cargo handling incidental to water transport 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 Cargo handling incidental to water transport the right NIC Class 5224 and Subclass 52242 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 Cargo handling incidental to water transport

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 NIC is organized in a hierarchical system that assist government to classify 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 5224: Defines the primary industrial class.
• 5-digit Subclass Code 52242: Identifies the specific activity being 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, have to categorize themselves according to this structure.

NIC Code 52242 of Class 5224 covers all businesses that are involved in Cargo handling incidental to water transport 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 Cargo handling incidental to water transport.

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

This classification enables government agencies to find the correct business and put into place the correct economic sector.