The Bihar State Assembly has passed Bihar Goods and Services Tax ( GST ) Amendment Bill, 2018 with voice vote.
Due to ruckus, the Assembly could not transact any business in both the sessions except for passage of the Bill on GST.
The central government has already got the amendments passed by the Parliament over GST and states have to ratify them as the state government had brought an ordinance due to the fact that the state legislature was not in session.
As per the amendment Bill, the threshold limit has been increased to Rs 1.5 crore from the existing Rs 1 crore under for composition scheme. The dealers under composition scheme will not have to file monthly returns rather they will have to file quarterly returns with one per cent of annual tax.
The Bill has withhold the “Reverse Charge Mechanism” (RCM) following the opposition by taxpayers, RCM used to be levied on the taxpayer if he/she (taxpayer) purchases goods or services from “unregistered supplier”.
The matter has been put on hold till GST Council decides on the issue, the Bihar Finance Minister Sushil Kumar Modi said.
As per the amendment, a trader can get multiple registration done in the state for carrying out his business on a single PAN, till now a trader was able to get one registration against one PAN.
In the event of disputes on tax amount, a trader has to deposit 10 per cent of the disputed amount for filing an appeal with no capping of upper limit but now the maximum amount has been capped at Rs 25 crore for filing an appeal against any tax dispute.
