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After Assam, Bihar passes GST bill; Jharkhand, Gujarat to ratify Bill in August

Speed News Desk | Updated on: 16 August 2016, 14:47 IST

The Bihar Legislative Assembly passed the Goods and Services (GST) Bill in a special one-day session on 16 August, becoming the second state in the country to pass the Bill after Assam. As Bihar passes the Bill, it also became the first state with a non-BJP government to do so.

After the amended GST Bill was passed in the Rajya Sabha and then the Lok Sabha, unanimously, the GST Bill needs to be ratified by at least 15 states or at least 50% of the states for it to become a law. The Bill will make India one 'common market place' and is also expected to bring great efficiency and transparency in the indirect tax system of the country, improving the economic growth.

On 12 August, the Assam Assembly unanimously passed the Constitution Amendment Bill on GST, which is the most important indirect tax reform since Independence.

According to reports, the Bill will be presented before the Jharkhand Assembly on 17 August, where it is likely to pass without any opposition. The Gujarat Assembly meanwhile is set to pass the Tax reformation bill during its 2-day session, that begins on 22 August.

First published: 16 August 2016, 14:47 IST
 
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