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Finance Bill 2006 passed in Assembly

Written by: Staff
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Patna, Mar 23 (UNI) The Bihar Finance Bill, 2006, was passed by the state Assembly today, amid a walkout by the opposition.

Soon after Deputy Chief Minister and Finance Minister Sushil Kumar Modi tabled the Finance Bill in the house, RJD's Ram Chandra Purvey said the bill overlooked interests of the common people and contained proposals which were targeted at benefitting the business community. He said a refrendum on the finance bill should be held before it was passed by the house.

Later, RJD and other members staged a noisy walk out.

Replying to the debate on the Bill, Mr Modi said different provisions of the Bihar Value Added Tax Act, 2005 had been amended and now dealers had been permitted to file returns on quarterly basis, instead of the present system of monthly returns while retaining the system of monthly payment of tax. He said similarly such businessmen whose units had turnover not exceeding Rs five lakh had been exempted from payment of tax.

Mr Modi said the rates on motor vehicles as provided in the Bihar Motor Vehicles Taxation Act 1994 was revised by Bihar Finance Act 2001. He said transporters were opposed to it and many of them started migrating to other states. ''The tax collection, however, did not improve on the expected lines and now the government proposes to make rates of taxes equivalent to that of Jharkhand by revising the rates of taxes on commercial vehicles as provided in the Bihar Motor Vehicles Taxation (Amendment) Act, 2002 so that transport business in the state can be revived and tax net expanded'', he said.

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