Patna,(BiharTimes): Bihar Chamber of Commerce and Industries (BCCI) and Bihar Industries Association have welcomed the ratification of the Goods and Services Tax  Bill.

According to the president of Bihar Industries Association Ram Lall Khetan the swift move of the state government to ratify the Bill is a commendable move as Bihar would gain about Rs 8,000 crore from the new tax system.

He said the revenue benefit would help developmental works in the state. But he hastened to add that the state government should also improve the proposed industrial policy and make it more attractive.

Khetan suggested that the tax rate should not exceed 18% because making the goods and services expensive would not serve the purpose.

However, the vice president of Bihar Chamber of Commerce and Industries (BCCI) Madhukar Nath Bareria is a bit guarded. He said it is too early to comment on GST right now as at least 15 states would have to ratify it before its full-fledged rollout.

He recalled about a workshop on GST held earlier this month at the conference hall of the BCCI saying that the general perception among the participants was that the new tax system is set to benefit the big industrial houses.

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