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"Once we are in the GST framework, lot of things will change for the better.
Evading indirect taxes will become difficult, which will lead to higher revenues and hopefully ... to lower taxes," Godrej said.
"Introduction of the GST will curtail black money. It will be a major step to reduce unaccounted money," he added.
On private investment, Godrej said it has decelerated over the last couple of years and is expected to pick up only in the second half of 2017-18.
Parekh said the revival of private investment was "round the corner" and is likely to pick up in the fourth quarter itself.
"Our macro-fundamentals are so strong."
Praising demonetisation, Godrej said the impact of the move had been more than expected and the consumer demand was back.