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MSME books keeping

Vijeesh Parapattil (105 Points)

16 August 2020

Do MSMEs need to keep books of accounts?

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 16 August 2020

There are many relaxation given by government to MSME, Whether MSME required to maintain books of account or not, it's depends on case to case basis..
Like as per income tax Act, if your turnover or gross receipts is less than prescribed limit than your are not required to maintain books of account.
If you are MSME and registered under GST, than books of account, which requires to be maintained under GST Act, you have to maintain that much account and books.
If any other act required otherwise then also books of account required as per that act.
Yes, Some relaxation is their as against other enterprise, not all detailed but required as per law is to be maintained.

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