National Industrial Classification (NIC) code is a unique 5-digit code assigned to businesses based on their business activities. It is developed and maintained by the Ministry of Statistics and Programme Implementation (MoSPI) and it plays a very important role in business classification, economic analysis, and policy-making.
Why is NIC code important?
NIC code is a 5-digit unique code that is given to businesses based on their business activities and it is mandatory for several reasons such as:
- It is required at the time of enterprise registration so that the government can provide sector-specific benefits to micro, small and medium businesses based on the NIC code.
- To define business activities at the time of company registration.
- It helps to identify your business during GST, Income Tax and other regulatory filings.
- It helps government agencies to track industry growth.
- NIC code is required while taking a business loan from a bank.
How to find your NIC code?
NIC code is required during MSME Udyam registration so you need to identify the correct NIC code. So here is a step-by-step guide on how to find your NIC code:
1. Identify Business Activity
- Firstly, identify the primary activity of your business.
2. Download NIC-CODE List
Click on Download NIC-Code PDF to download the NIC Code list where you can see the classification of NIC codes based on the type of industry. For example:
- NIC codes suitable for the Agriculture & Allied Activities – 01 to 03
- NIC codes suitable for the manufacturing sector - 10 to 33
- NIC codes suitable for the Construction & Real Estate – 41 to 43
- NIC codes suitable for the Wholesale & Retail Trade – 45 to 47
- NIC codes suitable for the Transport, Logistics & Warehousing - 49 to 53
- NIC codes suitable for the Information Technology & Services - 58 to 63
- NIC codes suitable for the Healthcare & Education – 85 to 86
3. Still Confused for NIC-Code
- If you are still confused about the correct NIC code while New Udyam registration and Udyam Certificate Update, then you can take the service of our experts.
- Our Udyam experts will solve all the problems through the call if needed and will help you in choosing the correct NIC code in case of New Udyam Registration or updating the correct NIC code in case of Udyam Update based on your business activity.
Frequently Asked Questions
1. Can I change my NIC code after registration?
Yes, you can update or change the NIC code through the Update Udyam Certificate process in case of business expansion, change of line of business, or any amendment.
2. What if I choose the wrong NIC code?
In case of not knowing the correct NIC code, people choose the wrong NIC code, which results in issues in registration approval and taxation. But don’t worry, you can update the correct NIC code in your Udyam Certificate within 24 hours with the help of our experts.
