MSMEs seek exemption from audits

Industry bodies representing micro, small, and medium enterprises (MSMEs) have urged the government to exempt MSMEs with turnovers below Rs 5 crore from unnecessary audits and inspections unless major discrepancies are detected.

The ‘India SME Forum,’ an organization representing over 98,200 MSMEs as direct paid members, said the Budget should include ‘guidelines and funding’ to train compliance official to handle honest errors by MSMEs, with leniency, promoting a supportive regulatory environment.

A comprehensive error-forgiveness program should be established, waiving penalties for minor GST filing mistakes or delays, and providing simplified reinstatement processes for canceled GST registrations with minimal fines.

Beside this, for the first time, India’s services exports have exceeded merchandise exports, highlighting the challenges faced by goods exporters, where MSMEs contribute nearly 50 per cent. Adequate credit at competitive rates is critical for goods exporters to secure quality raw materials and inputs at international prices.

 👇 Please Note 👇

Thank you for reading our article!

If you don’t received industries updates, News & our daily articles

please Whatsapp your Wapp No. or V Card on 8278298592, your number will be added in our broadcasting list.