GST Overhaul Boosts Housing and Handicraft Sectors

The recent changes in GST rates, particularly within the mining sector, are expected to benefit the housing industry and small-scale enterprises. With reduced rates on items such as marble, granite, lime bricks, and brass handicrafts, construction costs are lowered, supporting both urban and rural development.

The recent overhaul of GST rates is expected to positively impact the housing sector and small-scale enterprises, particularly within the mining sector, the Ministry of Mines has announced.

Revised rates will see many mining-related products attracting a 5% GST rate instead of the previous 12%. This reduction is particularly beneficial for the housing industry, as marble and granite, widely used within the sector, will become more affordable.

Additionally, new rates on lime bricks or stone inlay work promise to lower construction costs, supporting rural housing initiatives. Handicrafts, especially those made of brass, copper alloys, and aluminum, will also become cheaper, providing relief to artisans and small businesses.