GST Council approves concept note for optional quarterly tax payment for small businesses
Under the proposed scheme, eligible businesses would be required to file only one annual return while making tax payments on a quarterly basis
The GST Council has approved a concept note for an optional quarterly tax payment scheme targeting small businesses with an annual turnover of up to ₹5 crore, according to Union Finance Minister Nirmala Sitharaman. Under this proposed scheme, eligible businesses would file only one annual return while making GST payments on a quarterly basis.
The detailed framework of the scheme will be considered by the GST Council at its next meeting. This optional compliance scheme is designed to simplify GST administration and reduce compliance burdens for small businesses, following a series of changes aimed at streamlining the system.
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