NAREDCO President urges govt to cap GST on building materials at 18%
Remove Ads
Tired of too many ads?
Remove Ads
Popular in Economy
1.
Central banks are building a haven of bullion assets
New Delhi: G Hari Babu, President of National Real Estate Development Council ( NAREDCO ) has urged the government to bring the Goods and Services Tax rates of building materials to the bracket of 18 per cent.Speaking at the sidelines of NAREDCO's 17th edition of National Convention in the national capital, NAREDCO President reiterated industry's demand of Input Tax Credit (ITC) under the Central Goods and Services Act (CGST) on commercial assets constructed for leasing purposes."One thing we are asking is the input credit facility for the builders because now it is five percent fixed rate and for affordable housing already one percent is there up to forty five lakh. We are requesting them to increase to sixty lakh. And as far as the material concern there are certain areas where twenty eight per cent GST is applicable for example cement and other materials so it is not a luxury and we want to bring that also to eighteen per cent level. So no GST should be there on building materials more than eighteen per cent that is demand," he added.GST has significantly impacted construction industry and real estate industry. GST on construction services and materials is complex, with various rates applied based on the type of service, material, and project. Construction of affordable housing projects attracts a reduced GST rate of 1 per cent while different construction materials have varying GST rates from 5 per cent to 28 per cent.During the curtain raiser, Delhi Chief Minister Rekha Gupta assured the industry members that "Government just needs 2 years to revamp Delhi and fill the bottleneck of past 10 years of developmental backlog."We urge the industry members and developers to come up with the PPP models for developing state of the art hospitals, schools, shopping malls, accommodations and infrastructure and the government will give the full policy and funding support," she added.Speaking at the event, Hari Babu affirmed the vision of the body and said, "From retrofitting existing structures to building climate-smart homes, the sector must adopt a forward-thinking approach that doesn't wait for regulation to act responsibly. Today's discussions are not just about vision, they are about setting actionable goals."Harsh Vardhan Bansal, President, NAREDCO Delhi, shared how the capital's real estate sector is evolving, "Delhi presents a unique case where infrastructure demand is high, yet land and environmental constraints are very real. The question is not whether we can grow, but how we can grow smarter."Our focus at NAREDCO Delhi is to ensure that housing, commercial development, and urban services all move in the direction of sustainability. We are working closely with policymakers and urban planners to push for incentives that reward eco-friendly practices and penalize shortsighted developments. The future belongs to those who are thinking beyond the next quarter, and our goal is to build a future-ready, climate-conscious capital city," Bansal added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
39 minutes ago
- Hindustan Times
Tariff war will have worse impact than Covid: Kerala minister Balagopal
Thiruvananthapuram, Kerala Finance Minister K N Balagopal on Tuesday warned that the emerging global tariff war, led by the United States, could have a more damaging impact on the economy than the Covid pandemic. Tariff war will have worse impact than Covid: Kerala minister Balagopal Speaking at a seminar on 'Post-Covid Development Challenges and Responses: Kerala through the Lens of State Budgets', organised by the Gulati Institute of Finance and Taxation here, Balagopal said, 'While India is being asked to reduce tariffs on imports, the US is imposing higher duties on our exports. This imbalance will affect the Indian economy.' Citing examples, he said India has already reduced import duties on vehicles like Land Rover and Jaguar to 10 percent. At the same time, he alleged, international companies are pressuring India to lower its Goods and Services Tax rates. Despite a reduction in the state's borrowing limit by the Centre, Kerala has managed its finances post-Covid through increased revenue collection, Balagopal added. 'The state's revenue as a percentage of GSDP grew from 56 percent in 2020-21 to 74.89 percent in 2024-25,' he said. Tax and non-tax revenues rose from ₹54,000 crore in 2021 to ₹92,000 crore in the last fiscal. Highlighting the government's priorities in recent years, Balagopal said the focus had been on strengthening infrastructure and social security. He termed the commissioning of the Vizhinjam International Seaport a significant achievement and added that the government had invested in enhancing research and development facilities at premier institutions in the state. The minister also criticised the GST regime introduced in 2017, calling the division of tax revenues between the Centre and states 'unjustifiable.' 'Covid brought about social, political, and economic disruptions, leading to stagnation. The state is now striving to move forward from that,' he added. The United States has slapped a 25 per cent tariff on Indian goods as part of a broad trade measure targeting nearly 70 countries, according to an executive order issued by the White House recently. This article was generated from an automated news agency feed without modifications to text.
&w=3840&q=100)
Business Standard
39 minutes ago
- Business Standard
West Bengal's GST revenues rise 12% in July, Tripura leads with 41% surge
West Bengal recorded a 12 per cent year-on-year (Y-o-Y) increase in gross Goods and Services Tax (GST) collections in July 2025, with receipts climbing to ₹5,895 crore from ₹5,257 crore in the same month last year, according to provisional figures released by the Ministry of Finance. The state's cumulative GST revenue growth rate for the financial year to July stood at 7.71 per cent. In a social media post, Chief Minister Mamata Banerjee said the performance marks a "steady improvement in business and consumption" in West Bengal, which is a sign of good economic health. The state recorded a 5 per cent Y-o-Y rise in GST collections in June 2025, with receipts totalling ₹5,551 crore compared to ₹5,273 crore in the same month last year. Punjab and Karnataka Punjab also registered a 12 per cent Y-o-Y rise in gross GST collections in July 2025, with revenues rising to ₹2,323 crore from ₹2,069 crore in July 2024. Karnataka posted a 7 per cent Y-o-Y growth in gross GST collections in July 2025, collecting ₹13,967 crore compared with ₹13,025 crore in the same month a year earlier. Bihar and Mizoram While Bihar marked a 16 per cent Y-o-Y rise in GST collection with ₹1,813 crore in July 2025 (compared to ₹1,569 crore in July 2024), Mizoram witnessed a 21 per cent Y-o-Y fall in gross GST collections in July 2025. Revenue of the north eastern state fell to ₹31 crore during the month, compared to ₹39 crore in July 2024, according to provisional data released by the Ministry of Finance. Jharkhand and Tripura Jharkhand also saw a 3 per cent Y-o-Y fall in gross Goods and Services Tax collections (₹3,040 crore) in July 2025, compared to the same month last year. Among all states, Tripura recorded the highest 41 per cent Y-o-Y increase in gross GST collections in July 2025, with receipts climbing to ₹101 crore from ₹72 crore in July 2024. Gross GST in July 2025 Meanwhile, India's gross GST collections marked a 7.5 per cent Y-o-Y increase to ₹1,95,735 crore in July 2025, up from ₹1,82,075 crore in July 2024, driven by higher collections from domestic transactions and imports. According to official data, net revenues from the GST grew by a marginal 1.7 per cent in July 2025 to ₹1,68,841 crore.
Time of India
an hour ago
- Time of India
CAG report says Delhi's fiscal surplus turns into deficit in FY24, revenue surplus drops over 55% in FY24
Delhi's revenue surplus dropped by more than 55% in 2023-24, falling from ₹14,457 crore in the previous year to ₹6,462 crore, according to the Comptroller and Auditor General (CAG) report on state finances. The fiscal balance also declined significantly as a surplus of ₹4,566 crore in 2022-23 turned into a fiscal deficit of ₹3,934 crore in 2023-24 — marking a 186% fall. Chief minister Rekha Gupta tabled the report in the Delhi Assembly on Monday, the first day of the monsoon session, a TOI report stated. GSDP growth steady, budget size expands Despite the drop in surplus, Delhi's economy continued to grow. The report showed that the gross state domestic product (GSDP) at current prices increased by 9.2% in 2023-24 compared to the previous year. Over the past five years, Delhi recorded an average GSDP growth rate of 8.8%, rising from ₹7.9 lakh crore in 2019-20 to ₹11.1 lakh crore in 2023-24. During the same period, the budget outlay rose from ₹64,180.7 crore to ₹81,918.2 crore at an average annual rate of 7.1%. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Capital expenditure remains under 1% of GSDP The audit found that Delhi's capital expenditure consistently stayed below 1% of GSDP between 2019-20 and 2023-24. In 2023-24, capital spending dropped by 15% over the previous year. The report noted a significant decline in key sectors: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Medical and public health (down 49.9%) Education, sports, art and culture (down 42.2%) Public works (down 39.7%) Urban development (down 36.4%) Drop in Central assistance and capital receipts The state's grant-in-aid from the Centre showed a continuous fall over the five-year period. While revenue receipts increased from ₹47,136 crore in 2019-20 to ₹56,798 crore in 2023-24, capital receipts dropped sharply from ₹5,588 crore to ₹98 crore. The Centre's grant share in Delhi's revenue receipts declined from about 20% to just 3.7% during this time. In 2023-24, Delhi received ₹955.3 crore under centrally sponsored schemes. Live Events Subsidies rising, power sector dominates Subsidies provided by the Delhi government have been increasing, with total subsidies rising from ₹3,593 crore in 2019-20 to ₹4,840 crore in 2023-24. Power subsidies remained the largest share, making up 67% of the subsidy bill in 2019-20 and rising to 70.4% by 2023-24. The audit report highlighted that some government departments failed to use their full budgetary allocation. It also laid out several recommendations, including: 'Preparation of realistic budget estimates, backed with correct assessment for availability of resources and potential to expend' 'Strict compliance of provisions of budget manual' 'Formulating strategies for actual execution of major policy decisions' 'Adhering to quarterly targets fixed for incurring expenditure through periodic monitoring to avoid rush of spending towards end of the year' This was the first audit report of 2025 tabled in the Assembly. It included a review of the government's fiscal position, the structure of accounts, budgetary procedures, and macro-fiscal indicators. The report is yet to be taken up for discussion and will be forwarded to the Public Accounts Committee by Speaker Vijender Gupta for detailed examination.
