Union Minister Arjun Ram Meghwal on Monday said the 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. He also said the real estate industry should communicate to the government if they are facing any issues related to the GST.
"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," Meghwal said addressing a realty conference organised by NAREDCO.
He was responding to SBI's Managing Director (National Banking Group) Rajnish Kumar's comment that there was "not much clarity" about GST.
Meghwal said the GST will subsume 17 indirect taxes and many cesses, and this will lead to increase in tax net and collection. 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).
He said the country's economy, as well as the real estate sector, will reap benefit from this landmark legislations. Meghwal said 2017 would be known as the year of economic reforms and listed out several initiatives taken by the government beginning from demonetisation on November 8, 2016. The GST, which subsumes host of indirect taxes, came into from July 1.