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

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Paolo Ocleppo
Sandvik Hyperion

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search