Bihar Govt announces One Time Settlement for Pre-GST Tax Dues

Bihar Government introduced a significant ‘one-time settlement’ initiative on Thursday, targeting traders burdened with tax liabilities from the pre-GST era.

Deputy Chief Minister and Finance Minister Samrat Chaudhary presented the Bihar Tax Disputes Settlement Bill, 2024 in the state assembly, successfully passing it through a voice vote.

Chaudhary highlighted the potential relief for traders with pre-GST tax liabilities once the bill is notified. Under the proposed scheme, traders can settle their pre-GST tax obligations by paying only 10% of the penalty, with the remaining 90% being waived. Additionally, a 35% payment of the disputed tax amount will result in a waiver of the remaining 65%.

Explaining the details, Choudhary emphasized that traders must pay 10% of the interest and penalty, along with 35% of the disputed tax, to avail this unique opportunity.

Source : https://www.taxscan.in/bihar-govt-announces-one-time-settlement-for-pre-gst-tax-dues/379720/