Patna,(BiharTimes): Former chairman of the Empowered Committee of state finance ministers on Goods and Services Tax (GST) and senior BJP leader Sushil Kumar Modi on Tuesday said Bihar would gain enormously from the GST.
Speech in the Legislative Council which ratified the GST the former deputy CM also said it would not only do away with the multiplicity of taxes––as 17 different taxes would be subsumed in the central and state GST––but would also eliminate multiplicity of rates and cascading taxes such as VAT.
He said since GST is a consumption tax, Bihar, which is a consuming state, would ultimately gain from it.
Besides, provisions have been made for 100% compensation for the first five years, the leader of opposition in the Bihar Legislative Council said.
