Quick Summary
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 times the turnover threshold for audit from the existing Rs. 1 crore to Rs. 5 crore.While presenting the Union Budget 2020-21 in Parliament today, the Union Minister for Finance Corporate Affairs, S
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
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.
CAclubindia
