Home / Knowledge / News / Textiles / Bihar becomes 2nd state to approve GST Bill
Bihar becomes 2nd state to approve GST Bill
17
Aug '16
Within days of the Assam state legislature passing the Constitution (122nd Amendment) Bill, 2014 on Goods and Services Tax (GST), Bihar has become the second (and the first non-NDA) state to approve the same.

The Bill was passed in the Bihar state assembly through a voice vote as all the major parties in the state including JD(U), RJD, Congress and BJP were in favour of the tax reform. Only one of the three CPI-ML MLAs, however, staged a walked out opposing the GST.

Post-ratification by the legislative assembly, the Bill was introduced in the state’s Upper House, where it remained mere formality.

The GST Bill, seen as the largest tax reform in independent India, needs to be ratified by at least half of the state legislatures before the President of India can notify GST Council, which will decide on new tax rate and other issues.

Earlier during a discussion in the state assembly, Bihar chief minister Nitish Kumar said the GST Bill would bring transparency in tax collection and distribution among the Centre and the states. It will also enable the state to earn a handsome portion from the service tax, which earlier used to be an exclusive source of earning for the Union government.

The state would have its share from service tax on Telecom, Railway, Bank and power among others which would bring handsome cash to the exchequer, Kumar said.

In addition, GST would bring parity between manufacturing and consumer states and also do away with expenses on maintaining checkposts on state borders.

While lauding the virtues, Kumar said there are some concerns for Bihar. He said the first concern is that small traders with turnover up to Rs 1.5 crore should be taxed only by the state and they should not be brought under the Centre's domain.

Secondly, for trade above Rs 1.5 crore, the machinery to collect GST should be the exclusive right of the state and the Central Commercial Tax department need not interfere in it in any state. The state machinery would collect this amount and honestly give the due share to the Centre and retain its own.

“We are against Central Commercial tax department opening office at district level and officials of both state and the Centre conducting raids for tax realisation from traders which would result in their harassment,” he said. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search