NIC Code for Mining Laterite Diatomite Silicious - 08999

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 Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec, the appropriate category of NIC is displayed as Class 0899 and Subclass 08999 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.

The NIC Code for Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec is categorized as:

• NIC Class: 0899
• NIC Subclass: 08999

This subclass has all such activities associated with Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec 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 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 Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec the right NIC Class 0899 and Subclass 08999 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

Uninterrupted Legal and Financial Compliance

Banks, NBFCs, and other government portals validate business activities via NIC codes for correct and accurate classification.

Access to MSME Incentives

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

Fast Company/LLP Incorporation

The MCA system is automatic in cross-verification of NIC codes, which allows a much quicker approvals of businesses in Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec

Evading Non-compliance Problems

Wrong NIC codes can lead to questioning when you go to submit your taxes, during audits or when tenders are being applied.

Improved Government Data Transparency

Right classification can improve the total visibility in Udyam, GST, GeM and industry databases.

Proper Industry Positioning

The NIC code evidently places your type of businesses 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 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 0899: Defines the primary industrial class.
• 5-digit Subclass Code 08999: 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.

NIC Code 08999 of Class 0899 covers all businesses that are involved in Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec 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 Mining of laterite, diatomite and silicious fossil meals (e.g. diatomite); and other natural fluxes;natural asphalt or bitumen and other mining nec.

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.