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MSMEs turnover threshold for audit increased to Rs 5 cr

Published: Feb 01, 2020

By TIOLCORPLAWS News Service

NEW DELHI, FEB 01, 2020: IN a move to reduce the compliance burden on small retailers, traders, shop keepers who comprise the MSME sector, the FinMin in her Budget has proposed to raise the turnover threshold for audit from the existing Rs. 1 crore to Rs. 5 crore.

Ms Nirmala Sitharaman added that in order to boost less cash economy, the increased limit shall apply only to those businesses which carry out less than 5% of their business transactions in cash. Currently, businesses having turnover of more than Rs 1 crore are required to get their books of accounts audited by an accountant.

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