18.02.2023: GST Council will take a call on cement rate change: FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said that any rate change on cement will be decided by the Goods and Services Tax Council. The FM also added that the prices are not having any impact on the real estate inventory.

Sithraman was speaking at a post-Budget interaction with stakeholders at Bhubaneshwar, Odisha.

“It’s (GST rate reduction on cement) a matter on which Council will take a call on. Cement is also a product which has got its own green negatives. It’s not completely a green-cleared item. Since last year there is no inventory left in the real estate. If cement adds to the cost of real estate…, but there is no inventory left,” Sitharaman said while responding to a query.

Finance Secretary TV Somanathan added that the tax rate on cement has been similar pre- and post-GST.

“Rates have not gone up on cement since the introduction of GST. The calibrated rate of 28% approximately reflects the same rate before GST, including excise duty and VAT. That’s the rate prevalent since a long time, even before GST,” he said.

Source: Money Control

Register Today