Bihar Becomes 2nd State to Ratify Constitutional Amendment Bill on GST [ Current Affairs ]
Bihar assembly becomes the second state to ratify the goods and services tax constitutional Amendment Bill in India. Bill was stimulated by the commercial taxes minister Bijendra Prasad Yadav. He was consistently adopted by both of the houses. Assam becomes the first state to ratify the GST Amendment Bill in the India.
- Bihar has lost revenue after implementing prohibition since April 1.
- To move forward Bihar has played an essential role for GST and it will be most beneficial for us as we are a consumer state.
- Bihar hopes that the tax reform would bring more revenue to the state capitals.
- Tax reform will bring services under the tax territory. Revenue of the state will increase after GST bill.
- States must be given powers to collect central GST taxes and through, the GST network it will be credited into the Centre’s associated funds.
- There will be uniform tax system all over the country and simplicity in the tax system.
- This bill will improve easiness of doing business as it will turn the country into united market place.
- Now, the consumer states will also get benefit and manufacturing state were getting lion’s share of taxes.
- State will get share of those service taxes and it’s earlier collected by the central government only.
- This will give valuable resources to the state and also help to us control tax elusion because of the GST network.
- Support to the Bill will helped Prime Minister Narendra Modi to win the support of opposition parties.
- Narendra Modi has the former chairman of the authorized committee of the states’ finance ministers on GST.
- Published on: August 22, 2016