Bihar has emerged as one of the top five states in India by achieving an 18% annual growth in GST Revenue for the fiscal year 2023-24, according to the Commercial Taxes Department (CTD) commissioner-cum-secretary, Sanjay Kumar Singh.
This growth surpasses the national average of 13%, marking Bihar’s continued 18% annual growth since 2021-22. Over the past six years, the state’s GST collection has risen by 122%, from ₹17,236 crore in 2017-18 to ₹38,198 crore in 2023-24. The CTD aims to reach a GST collection target of ₹42,500 crore for the current financial year, with ₹15,465 crore already collected by August, an 8.4% increase from the previous year.
The taxpayer base now stands at 6.54 lakh. This impressive performance is attributed to efficient tax administration and stakeholder cooperation. The department plans to introduce an ‘amnesty scheme,’ offering tax exemption on interest and penalties if taxpayers pay the principal for tax demands from the first three years of the GST regime in one go. Additionally, the one-time scheme for pre-GST tax disputes has been extended until March next year.
Bihar’s remarkable 18% growth in GST revenue demonstrates the state’s improving tax collection efficiency and strong economic performance. The introduction of an amnesty scheme to ease taxpayer compliance and the extension of pre-GST dispute resolution until March further highlights the state’s proactive measures to simplify tax-related issues and boost compliance among businesses.
With the rapidly evolving tax landscape and the introduction of schemes like the GST amnesty, businesses must stay updated and compliant. Vakilsearch offers comprehensive tax compliance solutions, ensuring that you benefit from initiatives like the amnesty scheme while staying ahead of all tax regulations. Our team provides expert assistance in resolving pre-GST disputes and navigating complex tax compliance requirements. Reach out to Vakilsearch for tailored tax solutions that help your business thrive in this dynamic regulatory environment.
- Miley Cyrus Faces Copyright Infringement Lawsuit For ‘Flowers,’ - September 19, 2024
- Caution Advised: FSSAI Guidelines to Oversee Sweets - September 19, 2024
- Telangana Introduces MSME Policy Supporting Women - September 19, 2024
