One GST return a year? New scheme could ease compliance for 16 lakh small businesses

Annual Return Quarterly Payment scheme for small taxpayers soon

Small businesses with a turnover of up to ₹5 crore may soon get the option of filing returns once a year and paying taxes on a quarterly basis. Meanwhile, notices for disputed tax amounts up to ₹10,000 are to be extinguished, which could benefit up to 12 lakh small businesses.

One GST return a year? New scheme could ease compliance for 16 lakh small businesses

Small businesses selling only to consumers may soon have the option to file GST returns annually. The GST Council has approved a plan for eligible taxpayers with turnover up to Rs 5 crore. Currently, these businesses file monthly returns under the existing GST structure. The new scheme is expected to ease compliance burdens and allow quarterly tax payments. Changes are set to take effect from April 1, 2027.

GST Council clears annual return proposal for 16 lakh small businesses

New Delhi, Oct 8 (SocialNews.XYZ) More than 16 lakh small businesses that sell directly to consumers could soon be allowed to file just one GST return annually, after the GST Council on Thursday approved in... - Social News XYZ