FM hints at review of 28% GST on cement
Financial Express Mumbai|February 08, 2023
Seeks out-of-the-box ideas from India Inc to boost investment
FM hints at review of 28% GST on cement

FINANCE MINISTER NIRMALA Sitharaman on Tuesday indicated that the government would look into a reduction in the 28% Goods and Services Tax GST) rate for cement. She also noted that the country has been able to get fuel at relatively lower prices in the current global turmoil due toa strong leadership. She also sought out-of-thebox ideas from India Inc that could act as catalyst to boost investment.

At a post-Budget meeting with CII leaders, the minister said the issue of a possible reduction in the GST rate on cement will be examined and if required will be considered for reference to the GST fitment committee. She was responding to a suggestion of reducing the GST on cement from the current 28%,which would help bring down the cost of construction both for public works and private construction activities like housing. The Budget FY 24 has given priority to capex by the government with special focus on infrastructure sectors like railways and highways.

In non-bulk cases, cement is used by individuals for purposes like constructing their own house but they are usually not able to take input tax credit on it.

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