What is common between GST and daughter-in-law? BJP min says a lot
New Delhi, August 29: As the nation is still struggling to figure out the nitty-gritty of the Goods and Services Tax (GST) even after almost two months since it was first introduced on July 1, Union minister Arjun Ram Meghwal has come up with a new meaning of the latest tax regime.
According to the Bharatiya Janata Party (BJP) minister, 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.
Since the minister himself has solved the GST puzzle with such ease, so we should not complain about it anymore. Right?
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 the right direction. Similarly, the GST is a new bride for the country. We have brought this law so that the country grows in a right direction," Meghwal said addressing a realty conference organised by NAREDCO in the national capital on Monday.
He was responding to SBI's Managing Director (National Banking Group) Rajnish Kumar's comment that there was "not much clarity" about the GST.
Meghwal said the GST will subsume 17 indirect taxes and many cesses, and this will lead to increase in tax net and collection.
The latest tax regime was launched amid much-fanfare by Prime Minister Narendra Modi at the historic Central Hall, Parliament, on the intervening night of June 30-July 1.
The new tax regime, which became effective from July 1, aims to put an end to number of indirect taxes levied on goods and services and stop duplication of taxes over a product. The new regime taxes various goods and services at 5, 12, 18 and 28 per cent, while keeping essential commodities out.