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Illustration: Binay Sinha
The NDA government in Bihar on Thursday came out with a ‘one-time settlement’ initiative for the benefit of traders with tax liabilities dating back to the pre-GST era.
The Bihar Tax Disputes Settlement Bill, 2024 was tabled in the state assembly by Deputy Chief Minister Samrat Chaudhary, who also holds the finance portfolio.
The Bill was passed in the assembly through voice vote, and, according to Choudhary, once notified, “it will bring great relief to traders with pre-GST tax liabilities”.
“The Bill provides traders with an opportunity to settle their pre-GST tax liabilities through the one-time settlement scheme. It would require traders to pay 10 per cent of the penalty and the remaining 90 per cent will be waived. In addition, traders will have to pay 35 per cent of the disputed tax amount to get a waiver of the remaining 65 per cent,” said Choudhary.
“Traders will have to pay both 10 per cent of the interest and penalty and 35 per cent of the disputed tax to avail this facility,” he said.
He also announced that the government has “accepted the demand of petrol pump owners that they be exempted from filing VAT returns”.
The announcements came on the penultimate day of the budget session, which commenced a fortnight ago when Chief Minister Nitish Kumar won a trust vote after the formation of a new government in alliance with the BJP.
The assembly also passed amendments to the Bihar State Madarsa Education Board Act, Bihar State Minorities Commission Act, and Bihar State Sanskrit Education Act through voice vote.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Mar 01 2024 | 12:10 AM IST
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