New Delhi, Oct. 8 -- The GST Council has approved a concept note for an optional compliance scheme aimed at small businesses with an annual turnover of up to Rs.5 crore that supply exclusively to consumers, Union Finance Minister Nirmala Sitharaman said on Thursday.

Under the proposed scheme, eligible businesses would be required to file only one annual return while making tax payments on a quarterly basis.

The detailed framework of the proposed scheme will be placed before the GST Council for consideration at its next meeting, Sitharaman said.

In a post on X, Sitharaman said: "Today, we have distributed a concept note on an optional scheme for businesses with a turnover of up to Rs.5 crore, supplying only to consumers. So, this will e...