GST reforms: 16 lakh small businesses may get annual return option, easier e-commerce selling

More than 16 lakh small businesses that sell directly to consumers could soon file only one GST return annually with the GST Council’s in-principle nod to a simplified compliance scheme for taxpayers with turnover of up to Rs 5 crore. Under the proposed framework, small businesses would pay GST every quarter but file a single return each year, reducing compliance requirements.

More than 16 lakh small businesses with turnover up to Rs 5 crore could benefit from a simplified GST compliance regime, under which they would pay tax quarterly but file one return annually. The overhaul also rationalises penalties, waives late fees and simplifies registration for eligible small e-commerce sellers.

Summarised by Agaah from Economic Times. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.