The Prime Minister’s vision of creating a more efficient and citizen-friendly economy was realised as the GST Council on 3rd September approved GST rates rationalisation. Today, we look at the reforms undertaken for the housing sector. Our correspondent reports that the GST reforms have been carried out with a focus on the common man.
The Government has announced a big relief for the housing and construction sector by reducing GST rates on key building materials. Cement, which earlier attracted 28 percent GST, will now be taxed at 18 percent. The rates on items like marble, granite blocks and sand-lime bricks have been brought down from 12 percent to just 5 percent. Similarly, bamboo flooring, wooden joinery, packing cases and pallets will also now carry only 5 percent GST instead of 12 percent.
This move is expected to make construction materials cheaper, reducing the overall cost of homes and infrastructure projects. This will also foster affordability for the people or buying and building a house. Addresing a press conference meeting on 3rd of this month Union Finance Minister Nirmala Sitaraman said that the cut in the rate of housing sector there is a big relief for people.
Talking to Akashvani News, industry stakeholders have welcomed the new GST reforms, saying that the reduction in taxes will provide much-needed relief. They expressed belief that the cut in GST will boost demand in the real estate sector and generate new employment opportunities in construction and allied industries. The move will also give a strong push to India’s housing sector and provide meaningful relief to people, particularly for middle class families.
