The Union Minister Arjun Ram Meghwal called the newly introduced GST as the new “Bride of the Nation”. He said GST is like a new “daughter-in-law” who takes time to adjust to the family and the government has brought this new law for the country’s growth. “We bring daughter-in law so that family grows and grows in right direction. Similarly, GST is a new bride for the country. We have brought this law so that country grows in a right direction,” said Meghwal.

He pointed that real estate industry should approach government in case they face any issue in relation to GST. The SBI’s Managing Director (National Banking Group) Rajnish Kumar commented “not much clarity” on GST. Inline, Meghwal assured that he will take up the tax related matter in the GST Council, and if they are any procedural issue the same will be taken up with the TRU (Tax Research Unit). 

Meghwal stated that there shall be an increase in tax net and collection as GST GST will subsume 17 indirect taxes and many cess. He claimed that the country’s economy as well as the real estate sector will reap benefit from the implementation of GST. He also said that 2017 would be known as the year of economic reforms and listed out several initiatives taken by the government beginning from demonetization on November 8, 2016. 

Sources –The Economic Times

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