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

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Apparel/Garments | On 22nd Sep 2017

Sri Lankan apparel makers seek concessions to import labour

Sri Lanka’s deputy minister for national policies and economic...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Pranav Mishra
Huemn

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search