BIHAR TARGET 20 thousend carore Revenue under GST

Bihar Targets 20 Thousand Crore Revenue Under GST
March 15, 2018 Poonam Hotwani GST Law India: Latest News and Updates
GST Revenue Bihar

The Government of Bihar has targeted 20 thousand crore revenue collection to the commercial tax authorities under the GST during the current financial year. In the review meeting, Sushil Kumar Modi who is a Deputy Chief Minister cum Finance Minister of Bihar has provided the direction to achieve the goal the government should focus on the big taxpayers of the state.

Sushil Kumar Modi was delivering a speech to executives after the opening ceremony of a new building of the Commerce Tax Department in Patna. While delivering the speech he said that help desk has been formulated by the Commerce Tax Department to address issues relating to E-Way bill which actually will be executed from 1st April. Here, Businesses and transporters can get assistance just by contacting the tax department.

He further said, prior- GST implementation Bihar collected revenue of Rs 4,413 thousand crores in the duration of April 2017 to June 2018 whereas after the implementation of GST Bihar revenue collection of Bihar is Rs 13,658 crores during the period of July 2017 to February 2018. Modi said that officials would try to generate revenue collection Rs 20 thousand crores before the closure of the financial year i.e., 31st March.

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Under the VAT Regime in the period of 2016-17 Financial Year, 597 businesses of Bihar whose annual turnover was higher than Rs 50 to 500 crores, the state had collected 73 percent of the total revenue from them. Out of them, 36 businesses whose annual turnover was more than Rs 500 crore from them the state had collected 47 percent revenue, 11.57 percent from 95 dealers whose annual turnover lied in between Rs 200 to 500 crore, 6.92 percent from 154 traders whose annual turnover lied in between Rs 100 to 200 crore and 6 percent from 312 business people whose annual turnover lied in between 50 to 100 crore.

E- way bill facility will be implemented for the transporters carrying freight more than Rs 50 thousand which is to be effective from 1st April in the whole country including Bihar. Help Desk has been formulated by the Commerce Tax Department to address issues of transporters while generating the E- Way Bill. In the last week of April, E-Way Bill will be implemented in the state in a phased manner for the cargo transporters

On the other hand, Maharashtra is set to become the first state to be self-sufficient on its own. That is to say that the revenues generated by the state are itself sufficient to meet the needs of the Maharashtra other than the grants provided by the central government. The statement was said by the Minister of State for Finance Deepak Kesarkar, who told that the revenues collected under the goods and services tax are sufficient and they might not require more funds from the central government for the requirements of developments.