Bihar Deputy Chief Minister Sushil Kumar Modi Friday said the state government has collected around Rs 15,466 crore in taxes from 2017 to November 2018, which is 38 per cent higher compared from last fiscal year for the same period.
Speaking at Aranya Bhawan during an inauguration of training programme meant for newly recruited officers of Bihar Finance Service, Sushil said: "The revenue collection for the financial year 2018-19 is Rs 27,000 crore and so far, we have achieved a target of Rs 15,466 crore till November, which is an increase of 38 per cent as compared to last fiscal year for the same period," he said.
Stressing that the strength of tax-payers has seen a remarkable growth of 3.87 lakh against 1.69 lakh registered during VAT regime, Sushil stated that out of 3.87 lakh, 2.18 lakh are new tax-payers.
"In order to provide relief to small tax-payers, the GST council may soon enhance the limit of Rs 20 lakh turnover to Rs 75 lakh under composition scheme. We are also planning to bring composition scheme for service providers who have the turnover of Rs 50 lakh and reduce tax on goods in the construction sector from existing 12 and 18 per cent to 5 per cent," he added.
Talking about the taxes levied on auto and cement sectors, he asserted that the GST Council is considering a plan to reduce the 28 per cent tax rate on cement and auto parts as the average monthly collection of GST has witnessed an increase in tax collections, which was earlier set at Rs 89,700 crore (2017-18) and now kept at Rs 97,100 crore for 2018-19.
Praising Prime Minister Modi for implementing GST in the country, Sushil said that it is the biggest indirect tax reforms after independence. Before the implementation of GST, around 17 different types of taxes were levied which have been now included in the GST.
GST has put an end to the check-posts system across the country and it has turned the concept of "one nation, one tax, one market" into reality. He further said that several parts of the world saw surge in prices after the introduction of GST, however, India is the only country, which witnessed fall in prices of various products after the implementation of GST.
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