Bihar traders offered ‘one-time settlement’ for pre-GST era tax liabilities | India News – Business Standard

Illustration: Binay Sinha

The NDA government in Bihar on Thursday came up 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 introduced in the state Assembly by Deputy Chief Minister Samrat Chaudhary, who also holds the finance portfolio.

The bill was passed in the assembly by voice vote, and according to Choudhary, once it is announced, it will “bring major relief to traders with pre-GST tax liabilities”.

“The bill allows traders to settle their pre-GST tax liabilities through the one-time settlement scheme. It would require traders to pay 10 percent of the fine and the remaining 90 percent would be waived. In addition, merchants will be waived. will have to pay 35 percent of the disputed tax amount to get waiver of the remaining 65 percent,” Choudhary said.

“Traders will have to pay 10 percent of the interest and penalty as well as 35 percent of the disputed tax to avail this option,” he said.

He also announced that the government has “accepted the demand of petrol pump owners to be exempted from filing VAT returns”.

The announcements came on the penultimate day of the Budget session, which began a fortnight ago with Chief Minister Nitish Kumar winning a confidence vote after forming a new government in alliance with the BJP.

The meeting also passed amendments to the Bihar State Madarsa Education Board Act, the Bihar State Minorities Commission Act and the Bihar State Sanskrit Education Act through voice vote.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

First print: March 01, 2024 | 12:10 pm IST