New Delhi, Realtors’ body CREDAI on Thursday said the reduction in 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 Confederation of Real Estate Developers’ Associations of India (CREDAI) hailed the government’s decision to simplify the GST rate structure, reducing it from four tiers to two.
This rationalisation is a commendable reform, which will bring substantial relief to all sections of society and is expected to further ease inflationary pressures, CREDAI President Shekhar Patel 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 added.
Patel said this reduction would help bring down the overall cost of raw materials, ultimately benefiting homebuyers and boosting housing affordability.
“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,” the association’s president said. PTI
