GST Council proposes quarterly GST for ₹5cr consumer-facing firms
Good news for small-business owners: the GST Council just suggested a new, optional scheme that lets businesses with up to ₹5 crore turnover, supplying exclusively to consumers, pay their GST every quarter instead of monthly.
The idea is to make tax compliance less stressful and more manageable.
GST annual return, arrest powers removed
If your business only sells directly to consumers and has annual turnover of up to ₹5 crore, you might soon be able to opt for a scheme that lets you file just one annual return: no more juggling multiple forms all year.
The Council also wants to make things fairer by removing GST officers' power to arrest taxpayers in cases covered by the reform and raising the prosecution threshold to ₹5 crore.
Plus, getting a GST refund could get quicker, with acknowledgment times dropping from 15 days to 10 days.
For small suppliers seeking to sell through e-commerce platforms, registering and updating your details should become much easier, and penalties for mistakes will be lighter too.