‘Only history will tell whether demonetisation and GST were good or bad’

Feb 17, 2018

Mysuru: Views on the budget used to be unbiased and impartial in the olden days, said chief executive of the JSS Law College KS Suresh here on Thursday.
Suresh, who was at a seminar on ‘Impact of Goods and Services Tax (GST) on real estate industry and overview of Union Budget 2018’, said that people were increasingly tending towards looking at the budget from their own perspective and not studying what it meant for the nation.

Appreciating Union finance minister Arun Jaitley doing what he dubbed the ‘unthinkable’, Suresh said, “It is extraordinary for a sum of Rs 26 lakh crore to be allocated by the Centre for one year.”

On the impact that demonetisation and GST had had on the Indian economy, Suresh said, “Only history will be able to say accurately if GST and demonetisation were good or bad for the country. These are two policies that cannot be analysed.”

Pointing out that the GST had been appreciated the world over, Suresh added, “While the whole world has hailed the GST as the boldest move by any government, the opposition, which also consented to the reform and was instrumental in passing the same has dubbed it, ‘Gabbar Singh Tax’. This indicates the mental bankruptcy of the opposition.”

Emphasising the need to bring the number of legal problems down in the country, Suresh said, “The legal system should focus on bringing down these problems, instead of capitalising on them.”

Meanwhile, chairman of the Institute of Company Secretaries of India S Manjunath called on law graduates to specialise in one area of the law. “Specialisation opens up many avenues for law graduates. The corporate sector is looking for compliance officers and legal advisors, with expertise in taxation and GST. Similarly, the implementation of the Real Estate Regular Authority (RERA) Act has opened up many opportunities for lawyers in the real estate sector,” said Manjunath.