NIC Code for Repair Watches Clocks Their - 95294

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 Repair of watches, clocks and their parts, the appropriate category of NIC is displayed as Class 9529 and Subclass 95294 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 Repair of watches, clocks and their parts is categorized as:

• NIC Class: 9529
• NIC Subclass: 95294

This subclass has all such activities associated with Repair of watches, clocks and their parts 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 Repair of watches, clocks and their parts the right NIC Class 9529 and Subclass 95294 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 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 Repair of watches, clocks and their parts

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 9529: Defines the primary industrial class.
• 5-digit Subclass Code 95294: 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 95294 of Class 9529 covers all businesses that are involved in Repair of watches, clocks and their parts 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 Repair of watches, clocks and their parts.

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.