GST 2.0 Update: Big changes were seen in the GST Council meeting, which will benefit common citizens to small and big entrepreneurs. Now there will be only two slabs of GST. 18 and 5 per cent slabs have been created. Meaning, now 28 per cent GST will not have to be paid on vehicles.
After the government’s decision, it has been decided to reduce the GST rate on cement from 28 per cent to 18 per cent. The new GST slab will come into effect from Navratri, i.e. 22 September. Due to this, there will be a softening in the rates of land, house and shop. Along with the reduction in construction cost, customers and the real estate industry will get bumper benefits.
GST reduced on cement
After the GST Council meeting on Wednesday, it was announced that the government has decided to reduce the GST rate on cement from 28 per cent to 18 per cent. There is hope of a reduction in cost pressure on residential and commercial projects due to a tax reduction.
The biggest thing is that the tax rate on marble and travertine blocks has been reduced from 12% to 5%. Now, only 5% GST will be levied on granite blocks as compared to the earlier 12%. The tax on sand-lime brick and stone-related work has also been reduced from 12% to 5%. Building and buying a house will become cheaper.
Real estate-related industries got a big relief.
According to G Hari Babu, Chairman of the National Real Estate Development Council, entrepreneurs related to real estate have got a big relief. He said that this step of rationalising GST is being considered very important. He said that we welcome it. This will work to show the commitment of the government to make the tax system simpler and balanced.
This clear responsibility of PM Modi and the Finance Minister will work to strengthen the economic situation, along with affecting the GDP. He said that this step has also brought a big relief to real estate and related industries.