One GST return a year? New scheme could ease compliance for 16 lakh small businesses
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The GST Council approved a plan on Thursday allowing small businesses with turnover up to Rs 5 crore to file one GST return a year.
- ✓Starting April 1, 2027, this optional scheme will help 16 lakh small businesses.
- ✓Sellers will pay tax every quarter instead of filing monthly returns now.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Economic Times
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
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.
Small businesses that sell only to consumers may soon have to file just one GST return a year, with the GST Council on Thursday approving in principle an optional scheme for taxpayers with turnover up to Rs 5 crore.
Under the scheme, eligible taxpayers will file their return once a year and pay GST every quarter. The detailed framework, along with the changes in law needed to bring it in, will come before the Council at its next meeting.
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Economic Times
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