The 56th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, approved key rate cuts aimed at lowering costs in the housing sector and supporting small enterprises. The Council reduced GST on Marble, Travertine, and Granite blocks from 12% to 5%, a move expected to bring relief to the construction industry that uses these materials extensively.
Also Read: Iron Ore Mines in Jharkhand Remained Closed, Despite Market Demand
According to the Ministry of Mines, the lower GST on Marble and Granite will help reduce costs of housing projects, especially in rural and semi-urban areas where these materials are used in large volumes. The rate cut on sand lime bricks and stone inlay work will further lower the cost of low-budget housing schemes, aligning with the Government’s focus on affordable housing for the middle and lower-income groups.
Also Read: Coal Minister Met Jharkhand CM, Discussed Jharia Master Plan and Mining Issues
Logistics Relief for Mining Industry
The Council also approved a reduction in GST on multimodal transport of goods within the country from 12% to 5%, albeit with restricted input tax credit. This is expected to benefit the mining and mineral industries, particularly Iron ore producers who rely on long-distance freight movement. The ministry said this will make mineral transport more cost-efficient and improve competitiveness in domestic and export markets.
Focus on Ease of Doing Business
Officials said the measures are part of a broader effort to make GST more business-friendly and to provide relief to sectors that are critical to infrastructure and economic growth. The decisions come as part of the Government’s push to support industries, generate employment, and ensure a steady supply of raw materials for construction and manufacturing.
Also Read: Ex-DRDO Officer Suggested Ordinance Plant and Defence Units in Jharkhand
Join the WhatsApp Group of Business Jharkhand to Stay tuned for all the latest updates of industrial-political developments in Jharkhand.
