Bihar becomes 2nd state to ratify Constitutional amendment bill on GST
The Bihar State Legislature has unanimously ratified the The Constitution (122nd Amendment) (GST) Bill, 2014 for introduction of Goods and Services Tax (GST) regime in the country.
The Bill was moved by the State Commercial Taxes Minister Bijendra Prasad Yadav which was unanimously adopted by both of the houses (Bihar has bicameral legislature).
With passage of the bill by the state legislature, Bihar becomes the second state in India to ratify the GST.
Benefits to state
- GST will bring uniform indirect tax system throughout the country and there will be simplicity in the tax system. Revenue of the state will increase after GST bill.
- State will get share of those service taxes which were earlier collected by the Central Government only.
- Manufacturing state were getting lion’s share of taxes, now the consumer states will also get benefit.
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Month: Current Affairs - August, 2016