Bihar State Assembly passes Bihar VAT (Amendment) Bill

VAT Contracts-taxscan

The Bihar State Assembly today passed Bihar Value Added Tax (VAT) (Amendment), Bill, 2016  by a majority vote with 151 votes in favor and 51 against it.

The Bihar VAT (Amendment) Bill, 2016 proposes one percent hike in the VAT rate on various goods at six percent from the earlier five percent, while there will be half a percent increase of goods not covered under the Bihar VAT Act, 2005 at 15 percent from the previous 14.5 percent.