Bihar GST (Second Amendment) Bill, 2024 Passed by Voice Vote

The Bihar Goods and Services Tax (Second Amendment) Bill, 2024 was passed by voice vote in the Bihar Assembly on Tuesday. The Bill now moves to the Bihar Legislative Council for approval.

Key Highlights:

  1. Exemptions from Interest and Penalty:

Full exemption from interest and penalty is granted if the full tax amount is paid, according to Deputy CM Samrat Choudhary.

  1. Alignment with Central GST Act:

The amendments ensure the Bihar GST Act aligns with recent changes in the Central GST Act.

Changes were initially introduced through an ordinance, and the Bill now formalizes these amendments.

  1. Federal Tax System:

Deputy CM Choudhary emphasized the federal nature of GST, requiring state-level amendments to mirror central changes.

Significance:

This amendment aims to simplify compliance and reduce the financial burden on taxpayers by waiving penalties and interest under specific conditions.

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