NIC Code for Other financial service activities, except insurance and pension funding activities, nec

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 Other financial service activities, except insurance and pension funding activities, nec the correct category of NIC is displayed as Class 6499 and Subclass 64990 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.

NIC Class 6499 & Subclass 64990 for Other financial service activities, except insurance and pension funding activities, nec

The NIC Code for Other financial service activities, except insurance and pension funding activities, nec falls under:

  • NIC Class: 6499
  • NIC Subclass: 64990

This subclass includes all activities linked with Other financial service activities, except insurance and pension funding activities, nec 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 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 Other financial service activities, except insurance and pension funding activities, nec the right NIC Class 6499 and Subclass 64990 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

Benefits of Using the Correct NIC Code for Other financial service activities, except insurance and pension funding activities, nec

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 Other financial service activities, except insurance and pension funding activities, nec

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 Other financial service activities, except insurance and pension funding activities, nec - Division, Group, Class & Subclass Explained

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 6499: Defines the primary industrial class.
  • 5-digit Subclass Code 64990: 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.

Description for NIC Code 64990 - Other financial service activities, except insurance and pension funding activities, nec

NIC Code 64990 of Class 6499 covers all the major businesses that are involved in Other financial service activities, except insurance and pension funding activities, nec and all associated in commercial, operational, servicing, manufacturing or trading operations.

Under this NIC Code, the business can be service centers, consultants, technicians, wholesalers, retailers, manufacturing units, distributors, or support-oriented firms, fully based on the nature of Other financial service activities, except insurance and pension funding activities, nec.

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

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

Frequently Asked Questions (FAQs)

What is the NIC Code for Other financial service activities, except insurance and pension funding activities, nec?

The NIC Code of Other financial service activities, except insurance and pension funding activities, nec presents a particular industrial classification of this activity within the National Industrial Classification system that helps in classifying the business properly.

What is the description of NIC Code 64990?

NIC Code 64990 consist of activities related to Other financial service activities, except insurance and pension funding activities, nec, defining the scope, nature, and functions involved in this line of business.

Who issues the NIC Code in India?

The National Statistical Office (NSO) of the ministry of Statistics and Programme implementation (MoSPI) of the Government of India, issues and maintains NIC Codes.

What is the role of NIC Code in Udyam Registration for Other financial service activities, except insurance and pension funding activities, nec?

In Udyam Registration, the NIC Code for Other financial service activities, except insurance and pension funding activities, nec, is used to ensure that MSMEs are classified appropriately and the business can obtain government benefits, subsidies, and other advantages tied to compliance.

What is the two-digit Division NIC Code for Other financial service activities, except insurance and pension funding activities, nec?

The two-digit Division NIC Code of Other financial service activities, except insurance and pension funding activities, nec refers to the industrial sector in which this activity falls under and then it is further broken down to group, classes, and subclasses.

What is the three-digit Group NIC Code for Other financial service activities, except insurance and pension funding activities, nec?

The three digits Group Code for Other financial service activities, except insurance and pension funding activities, nec further classifies the activity in the division along with other similar industries so that it is categorized correctly.