Patna: The Deputy Chief Minister of Bihar Sushil Kumar Modi said on Wednesday that the tax rate on 80 percent of the top 28 percent slabs starting on Thursday will be reduced in the council meeting.
At the next meeting of the GST Council, the rate of tax can be reduced from 28 per cent to 18 per cent at 80 per cent of 227 items falling in the top slab, and the GST Fiscal Committee has also recommended reducing tax rates from 18 per cent to 12 per cent. At a function of the Bihar Chamber of Commerce, Sushil Modi said.
That, “So far tax rates on more than 100 items have come down,” he said. The GST Council will meet in Guwahati, Assam, on 9th November and 10th November.
The Sushil Modi, who holds the finance portfolio, was interacting with the representatives of the associations created by traders involved in traders such as food, textiles, consumer goods, real estate etc.
The GST returns came down from 58 per cent in Bihar to 46.4 per cent in September, so Sushil Modi said that instructions have been issued to conduct a survey and to find out the problems faced by businessmen.
The demonetization, Goods and Services Tax (GST), there is a goal of achieving a clean, transparent and honest economy and claimed that the common people have no problems with the new tax regime. “Although there may be concern about procedural complications, Sushil Modi said.
The Bihar’s Deputy Chief Minister said, The new generation of traders is increasing rapidly towards digitization, they want to change the way of business and the kachcha bill system are not ready to continue the system.
