Reduction in GST rate on cement to help real estate sector: CREDAI
The Confederation of Real Estate Developers' Associations of India (CREDAI) has said that the reduction in Goods and Services Tax (GST) rate on cement to 18 per cent from 28 per cent would lead to a lowering of construction cost, benefiting consumers and the real estate industry. The CREDAI hailed the government's decision to simplify the GST rate structure, reducing it from four tiers to two.
CREDAI President Shekhar Patel said this rationalisation is a commendable reform, which will bring substantial relief to all sections of society and is expected to further ease inflationary pressures. He said the reduction in GST on cement from 28 per cent to 18 per cent is a landmark move that will have a transformative impact on the real estate and construction sectors.
He further said this reduction would help bring down the overall cost of raw materials, ultimately benefiting homebuyers and boosting housing affordability. He noted that the process reforms announced alongside these rate changes mark a positive step towards a more transparent and efficient tax regime, likely to result in improved GST compliance and increased revenue collections.
