Transformative GST Reduction: Boost for Real Estate
CREDAI welcomes the government's decision to reduce GST on cement from 28% to 18%. This move is expected to lower construction costs, improve housing affordability, and simplify GST structures. CREDAI President Shekhar Patel views it as a reform that addresses inflation and encourages better tax compliance.
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- India
The Confederation of Real Estate Developers' Associations of India (CREDAI) has lauded the government's reduction of the GST rate on cement from 28% to 18%. According to CREDAI, this significant change will lower construction costs, benefiting both consumers and the real estate sector.
CREDAI President Shekhar Patel highlighted the decision's broader implications, noting that it would simplify the GST rate structure from four tiers to two, providing substantial relief across society. Patel emphasized the reform's potential to reduce inflationary pressures in the economy.
Additionally, the GST rate cut is expected to decrease raw material costs, enhance housing affordability, and improve tax compliance, which could lead to increased revenue collections. Patel regards these changes as steps toward a more transparent and efficient tax regime.
(With inputs from agencies.)
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