GST, as you already have known, stands as the initials of the Goods and Service Tax. The government of India has levied it on all the sectors across India.
Put into action since 1st July 2017, GST promises to make us steer clear of all the hidden taxes and VAT and only pay for the GST as proposed by the government. Thereby, it will save us our money and in turn, sever the corruption that was prevalent earlier.
Since GST was brought into action, the costs of goods have become quite difficult to be ascertained. It goes the same even in the field of construction. The costs of all the materials required in construction, like bricks, cement, paints, steel, are now quite varying with GST ranging from 5-28%.
If you consider cement, it succumbs to a whooping GST of 28%, which hikes the general expenses of construction up. As India is one of the largest cement manufacturing countries of the world, the government plans to generate a generous revue from it. However, the ordinary people are experiencing the worst of it, given to pay the most.
Iron and Steel
Iron and steel are rudimentary for construction. They are also largely used by the manufacturing companies to carve numerous parts of varied machinery.
Even for the iron and steel products the GST isn’t uniform. Though the kitchen utensils have become a bit cheaper, with a 12% GST, the Barbeque items, faucets and more, are quite costly, marked at 28%.
However, you can check the present rates by going for TMT steel price per kg.
Bricks are also pretty heterogeneous. Different kinds of bricks attract different rates of GST. And bricks are undeniably the most basic thing required for construction.
The rates of GST imposed on teh bricks varies from 5-28%.
To sum it up, GST has gone ahead to affect almost everything in the sphere of construction. From steel to bricks to paints, all are subjected to the changing taxes. Though it aims at bringing parity, it has largely been a disparate thing. But, TMT bars price in India will genuinely show you the best possible rates that you can get from world-class steel manufacturing companies.
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