Statutory Audit Threshold for Automobile
The statutory audit threshold for automobile dealers stands at Rs. 2 crore in a financial year.
This means that if the turnover of an automobile dealer exceeds Rs. 2 crore in a financial year, then they are required to get their accounts audited by a chartered accountant or a cost accountant.
The due date for filing the statutory audit report is 30 September of the following financial year.
For example, if the financial year of an automobile dealer is 2023-2024,
then the due date for filing the statutory audit report is 30 September 2024.
For more information visit this site: https://www.mca.gov.in/
However, there are some exceptions to this rule. For example, automobile dealers who are registered under the Micro, Small and Medium Enterprises (MSME) Act are not required to get their accounts audited if their turnover does not exceed Rs. 5 crore in a financial year.
In addition, automobile dealers who are required to get their accounts audited may also be required to get their GST audit done.
The threshold limit for GST audit is also Rs. 2 crore in a financial year.
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