{"id":53179,"date":"2023-03-09T16:19:09","date_gmt":"2023-03-09T10:49:09","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=53179"},"modified":"2023-03-09T16:19:12","modified_gmt":"2023-03-09T10:49:12","slug":"what-is-the-national-industrial-classification-code-nic","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/","title":{"rendered":"What Is The National Industrial Classification Code (NIC)?"},"content":{"rendered":"\n<p>In India, there is a\nsignificant history of industrial classification. It is frequently used in\nbusiness surveys, censuses, and estimates of national income, labor statistics,\nand other areas. In the early years, a variety of industrial classifications\nwere used by organizations tasked with gathering statistical data.&nbsp;As\na result, there was a pressing need for India to create a standard industrial\nclassification that numerous enterprises could adopt. The Central Statistical\nOrganization (CSO) was tasked with creating a national industry categorization\nat the beginning of the 1960s.&nbsp; Also,\nbased on the recommendations it got from several Government of India\ndepartments and agencies. The National Employment Service, the Registrar\nGeneral, the Economic Advisors to the Ministries of Finance, Food &amp;\nAgriculture, Commerce, and Industry, the Planning Commission, the India Bureau\nof Mines, the Labor Bureau, the National Sample Survey, and the Indian\nStatistical Institute are among the organizations that make up this group.&nbsp;\nIn response to the requirements, the CSO created a\nnational Strategic Industrial Classification called Standard Industrial\nClassification (SIC), which was completed and published in 1962.&nbsp;In this blog, we will\ndiscuss about National Industrial Classification\nCode (NIC Code).<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#About_National_Industrial_Classification_Code\" >About National Industrial Classification Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Where_is_NIC_Used\" >Where is NIC Used?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Importance_of_the_National_Industrial_Classification_Code\" >Importance of the National Industrial Classification Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Method_to_Generate_Udyog_Aadhaar_NIC_Code\" >Method to Generate Udyog Aadhaar NIC Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Method_of_NIC_Code_to_Apply_For_MSME_Registration\" >Method of NIC Code to Apply For MSME Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Who_Is_Responsible_For_The_Code_Preparation\" >Who Is Responsible For The Code Preparation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Some_NIC_Codes\" >Some NIC Codes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/what-is-the-national-industrial-classification-code-nic\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_National_Industrial_Classification_Code\"><\/span>About National Industrial Classification Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The government provides\nthe National Industrial Classification Code, which is a classification system\nor type of company code. Also, this code aids in monitoring the operations of\nmicro, small, and medium-sized firms.&nbsp;Also, the National\nIndustrial Classification Code is given out in order to precisely and\nmethodically track the business operations of organizations. The whole form of\nthe National Industrial Classification Code in the Indian market reflects its\nbehavior and preferences.<\/p>\n\n\n\n<p>In addition to serving\nas the basis for Indian Industrial Statistics, NIC is widely used by government\nentities, business associations, and academics for a variety of administrative,\nanalytical, and research goals.&nbsp;Simply expressed, the purpose of\nthis code was to investigate and quantify the connection between each economic\nactivity and the level of national wealth.&nbsp;<\/p>\n\n\n\n<p>The Directorate of\nPolicy and Promotion of the United National Statistical Commission updated NIC\n1987 to become NIC 2008. All Indian businesses are particularly required by the\ngovernment to abide by the 2008 NIC rules.<\/p>\n\n\n\n<p>The NIC 2008 is more\ncompatible with the global system. It makes it possible for enrollment\nenforcement procedures to go smoothly. A framework for the consistent\ngathering, analysis, and dissemination of industry-specific economic data in\nIndia is to be established by the National Industrial Classification of 2008.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_is_NIC_Used\"><\/span>Where is NIC Used?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The list of two segments\nwhere the NIC (National Industrial Classification) is utilized is provided\nbelow.<\/p>\n\n\n\n<ul><li><strong>Register for Udyam<\/strong>: To\napply for registration as a micro, small, or medium-sized business, you must go\nto the Udyam portal. The Micro, Small, and Medium Enterprise Development Act\ngoverns it (2006). Furthermore, when registering on the Udhyam site, you need\nto enter your NIC code.<\/li><li><strong>LLP And Company Formation<\/strong>: Forming\na corporation or limited\nliability partnership (LLP) requires registration on the\nMinistry of Corporate Affairs <strong>(MCA)<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.mca.gov.in\/\"><strong>[1]<\/strong><\/a><\/sup> Portal. Moreover, the NIC\ncode of the business is necessary for registration.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_the_National_Industrial_Classification_Code\"><\/span>Importance of the National Industrial Classification Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The relevance of the National\nIndustrial Classification Code is indicated by the following list of\nsignificant points.<\/p>\n\n\n\n<ul><li>Most Indian government departments utilize it to ensure that businesses are categorized properly. It&#8217;s also utilized to keep track of a company&#8217;s business activity.<\/li><li>To get an Udyog Aadhaar to register a company or a <strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/llp-registration\">limited liability partnership<\/a><\/strong> (LLP).<\/li><li>After your business has registered with the NIC, you may conveniently access all government benefits.<\/li><li>In order for the government to keep track of your business, make sure to note that you have registered for NIC on all of your invoices.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Method_to_Generate_Udyog_Aadhaar_NIC_Code\"><\/span>Method to Generate Udyog Aadhaar NIC Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>All of these micro,\nsmall, and medium-sized businesses need an Udyog Aadhaar in order to launch\ntheir business.<\/p>\n\n\n\n<p>This twelve-digit\nspecial identification number is issued by the Indian government&#8217;s Ministry of\nMicro, Small, and Medium Businesses. Yet, different kinds of organizations are\ngiven this particular identifying number. Keep in mind that registering for\nUdyog Aadhaar is totally free.&nbsp;<\/p>\n\n\n\n<p>Now let&#8217;s also\nunderstand more about Udyog Aadhaar. Do the following steps:<\/p>\n\n\n\n<ul><li>You&#8217;ll see that the Udyog Aadhaar form\nis separated into numerical sections when you fill it out. For instance,\nSection 10 mandates that Significant Activity and Section 9 bank data be\ncompleted, among other things.<\/li><li>Complete the NIC code list&#8217;s 11\nnumber fields. Do a quick NIC code check by entering some terms into the search\nfield to finish the code. Textiles made of cotton, for instance, and more.&nbsp;<\/li><li>A different method of entering a\nNIC code is to choose a business operation first. It could involve service or\nmanufacture.<\/li><li>A two-digit NIC code, a four-digit\ncode, and a five-digit code must then be entered.&nbsp;&nbsp;<\/li><li>You can still amend or correct a\nwrong NIC code in Udyog Aadhaar and generate the acknowledgment even if you\nentered it incorrectly earlier.<\/li><li>You can use the search bar to look\nfor the National Industrial Classification code. The NIC code list is also\navailable for download in PDF format.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Method_of_NIC_Code_to_Apply_For_MSME_Registration\"><\/span>Method of NIC Code to Apply For MSME Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A definition of MSME is provided by the Micro Small and Medium Enterprise\u202fDevelopment Act of 2006 and is split into two categories:<\/p>\n\n\n\n<ul><li><strong>Manufacturing Enterprises:<\/strong>\u00a0Businesses involved in production or manufacturing. Additionally, it is as described in the first schedule of the Industrial Development and Regulation Act (1951), or in the construction of factories and equipment to raise the caliber of finished products.<\/li><li><strong>Service Enterprises:<\/strong>\u00a0Service enterprises are companies that work in the servicing sector.<\/li><\/ul>\n\n\n\n<p>Also, in order to\nregister an <strong><a class=\"text-primary\" href=\"https:\/\/corpbiz.io\/msme-registration\">MSME<\/a><\/strong>\nunder the Udyog Aadhaar program, NIC is required. Also, you must submit a few\ncrucial documents. It contains the entrepreneur&#8217;s NIC code, phone number,\npostal address, bank information, company name, mission statement, and MSME\nUnit operations.<\/p>\n\n\n\n<p>Yet, the National Industrial Classification Code in MSME is a technique of categorization that enables MSMEs to be categorized in accordance with their commercial activities.<\/p>\n\n\n\n<p><strong>The Following Steps\nShould Be Followed To Fill Out The MSME NIC Code:<\/strong><\/p>\n\n\n\n<ul><li>You have the option of manually\nfilling in the code or conducting a quick NIC code search using a keyword.<\/li><li>The alternative is to select a\ncompany activity, such as manufacturing or service, and then input two-, four-,\nand five-digit NIC codes for that activity.<\/li><li>If you enter an incorrect National\nIndustrial Classification Code after making a mistake. The acknowledgment can\nthen be readily created in Udyog Aadhaar and corrected or updated.<\/li><li>It is necessary to enter the\nNational Industrial Classification code from the manual.&nbsp;<\/li><li>Applicants could choose more than\none National Industrial Classification Code-2008 to account for all of their\nbusiness activities.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Is_Responsible_For_The_Code_Preparation\"><\/span>Who Is Responsible For The Code Preparation?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The National Industrial\nClassification in India was created by the national statistical organization of\nIndia.<\/p>\n\n\n\n<p>The first design was\nNIC-62, which was followed by NIC-70, NIC-87, NIC-98, and NIC-2004. However,\nthe new and most recent NIC, NIC-2008, the new industrial classification, has\nbeen created and published by the national standards organization (NSO), and\nenterprises must follow it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_NIC_Codes\"><\/span>Some NIC Codes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The following companies\nutilize the National Industrial Classification Codes listed below:&nbsp;<\/p>\n\n\n\n<p>1. Swine and pig\nfarming: 0145<\/p>\n\n\n\n<p>2. Retail sales of\nmedical, orthopedic, and pharmaceutical products: 47721&nbsp;<\/p>\n\n\n\n<p>3. Parts and accessories\nfor motor vehicles: 45300&nbsp;<\/p>\n\n\n\n<p>4. 55101 Hotels and\nDining&nbsp;<\/p>\n\n\n\n<p>5. Making things out of\ncement and plaster: 2395&nbsp;<\/p>\n\n\n\n<p>6. Pharmaceutical and\nmedical wholesale: 46497&nbsp;<\/p>\n\n\n\n<p>7. Manufacturing of wool\nand wool-blend fabrics through weaving: 13123&nbsp;<\/p>\n\n\n\n<p>8. Production of\nchemicals used in the production of textiles, paper, leather, and similar\nproducts: 20297&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The government offers the National Industrial Classification Code as a form of business code to help firms classified as micro, small, and medium enterprises keep track of their commercial transactions. The NIC code is given in order to carefully and exactly track the commercial activities of the firms. The National Industrial Classification Code has been shown to be essential for various commercial transactions in the MSME sector. To aid the entrepreneurs who are the backbone of the Indian economy, the government has already announced a number of programs in this area.<\/p>\n\n\n\n<p><strong>Also Read<\/strong>: <br><a href=\"https:\/\/corpbiz.io\/learning\/difference-between-msme-and-nsic-registration-online\/\">What Is The Difference Between MSME And NSIC Registration?\n<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/register-your-limited-liability-partnership-firm-in-india\/\">How To Register Your Limited Liability Partnership Firm In India?<\/a><br><a href=\"https:\/\/corpbiz.io\/learning\/msme-udyam-registration-portal-everything-you-need-to-know\/\">MSME Udyam Registration Portal: Everything You Need To Know<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In India, there is a significant history of industrial classification. It is frequently used in business surveys, censuses, and estimates of national income, labor statistics, and other areas. In the early years, a variety of industrial classifications were used by organizations tasked with gathering statistical data.&nbsp;As a result, there was a pressing need for India [&hellip;]<\/p>\n","protected":false},"author":50,"featured_media":53180,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[176],"tags":[3203],"acf":{"service_id":"71"},"authorName":"Arya Panda","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-107.jpg","authorDescription":"Arya is a law graduate from ICFAI University, Dehradun and when it comes to his academics, he has always been a responsible, inquisitive, and enthusiastic learner. He is extremely passionate about writing, a\u00a0skilled researcher, and has a great flair for drafting. Arya has got himself acquainted with various aspects of law while working as an intern with several prominent law firms. His primary interests lie in Corporate, IPR, and Arbitration. His work experience, strong work ethic, head for law, and passion for working as a lawyer to change the world by helping to implement justice are what he brings to the opportunity with any office.\u00a0","postViews":10695,"readingTime":5,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/53179"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=53179"}],"version-history":[{"count":2,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/53179\/revisions"}],"predecessor-version":[{"id":53182,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/53179\/revisions\/53182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/53180"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=53179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=53179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=53179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}