New Delhi: The real estate association Credai stated that the reduction of the GST rate on cement from 28 percent to 18 percent will decrease construction costs, benefiting both consumers and the real estate sector. The Confederation of Real Estate Developers’ Associations of India (Credai) praised the government’s initiative to simplify the GST structure by reducing it from four tiers to two. This reform is seen as a significant improvement that will provide considerable relief to various segments of society and is anticipated to alleviate inflationary pressures, according to Credai President Shekhar Patel. “The GST reduction on cement is a pivotal change that will profoundly affect the real estate and construction industries,” he remarked.
Patel noted that this cut would lower the overall expenses for raw materials, ultimately aiding homebuyers and enhancing housing affordability. He also mentioned that the procedural reforms introduced with these rate adjustments represent a constructive move towards a more transparent and efficient tax system, which is expected to enhance GST compliance and boost revenue collections.