GST reforms: 16 lakh small businesses may get annual return option, easier e-commerce selling. Comprehensive market analysis and insights regarding this update. More than 16 lakh small businesses with turnover up to Rs 5 crore could benefit from a simplified GST compliance regime, under which they would pay tax quarterly but file one return annually. The overhaul also rationalises penalties, waives late fees and simplifies registration for eligible small e-commerce sellers. Industry experts note that this development will have significant implications moving forward.