GST Council Approves Annual Return Scheme for Small Businesses

The GST Council has approved in principle a simplified compliance scheme allowing over 16 lakh small businesses with turnover up to Rs 5 crore to file a single annual GST return while paying tax quarterly. The optional scheme, cleared at the 57th Council meeting, will benefit retail shops, salons, and eateries, and is slated to take effect from April 1, 2027.