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Increased limit to apply only to Businesses carrying out less than 5% of their business transactions in cashIn order to reduce the compliance burden on small retailers, traders, shop keepers who comprise the Medium, Small and Micro Enterprise (MSME) sector, the Union Budget proposed to raise by five
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FAQ :
The turnover threshold for audit has been increased from Rs 1 crore to Rs 5 crore.
Small retailers, traders, and shopkeepers, who form the MSME sector, will benefit from this reduced compliance burden.
Yes, the increased limit applies only to businesses that conduct less than 5% of their transactions in cash.
The previous turnover threshold for audit was Rs 1 crore.
The purpose is to reduce the compliance burden on small businesses and boost the less-cash economy.
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