GST is set to roll out from 1st July 2017 in India, completely overhauling the indirect tax regime. The proposed GST is set to improve ease of doing business in India and reducing the tax burden by eliminating or integrating many of the tax codes. In this article, we look at the GST rate for building materials like cement, bricks, tiles, iron, steel and other materials used in construction . The Goods and Services Tax (GST) rate of 12 percent will be applicable on under-construction properties. This rate with input tax credit seeks to remove the inefficiencies of dual taxation in the form of value-added taxation (VAT), service tax and puts an end to multiple taxes. Natural sands of all kinds, whether or not colored , other than metal-bearing sands is classified under Chapter 26 of the HSN Code. GST rate for sand is fixed at 5%. Further, bitumen and asphalt, natural; bituminous or oil shale and tar sands; asphaltites and asphaltic rocks attract a GST rate of 18%. Pebbles...
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