Goods and Services Tax Council will decide cutting rates for cement on February 18, the chairperson of the Central Board of Indirect Taxes and Customs said on Friday.
“GST Council to meet on February 18. Fitment Committee will meet to decide on rate reduction on cement as announced by Finance Minister. Currently, there is 28 per cent GST on cement,” Vivek Johri, CBIC Chairman said.
Finance minister Nirmala Sitharaman recently indicated that industry’s demand for trimming the 28% goods and services tax levy on cement, a key input for the infrastructure sector, could be taken to the fitment panel under the GST Council.
“I see your point. Let’s say we have the fitment committee look into it and, if necessary, take it to the council,” the minister said, responding to a suggestion from the infrastructure industry to lower the GST rate on cement on the grounds that it would lower project costs and spur growth.
The minister was speaking at a post-budget event organised by industry body CII.
The 49th meeting of the GST Council is scheduled to be held in New Delhi on February 18, 2023, according to a tweet posted by the council. The GST Council meeting will be chaired by Union Finance Minister Nirmala Sitharaman.