GST on Marble & Graniteby Estartup India Grow Business With Us After the enactment of GST in India, the GST Council inaugurated new tax slabs for all the commodities produced, imported or exported. The GST rates in India are inferred by the GST Council from time to time. GST rates will be imposed in 5 rates, specifically, NIL, 5%, 12%, 18% and 28%. In this article, we glance at the HSN code and GST on marble and granite.
Before comprehending the procedure, now you require to ensure some elements about the GST
Know about GST
GST is a multi-stage tax procedure that is comprehensive and is levied on the supply of goods and services. The major object of this taxation system is to curb the cascading impact of other indirect taxes. GST stands for Goods and Services Tax. GST is important only on value addition at each stage. Although, GST Registration is mandatory for registering any businesses.
GST Impact on Marble & Granite Industry
The granite and marble business is extensively fragmented and organise. It also has increased exports for raw as well as organised blocks. Granite accounts for approximately Rs. 13,000 crores of exports and domestic maybe around the same though some part is not contemplated for.
This is concentrated in Karnataka, Andhra, Orissa etc. The marble industry is mostly concentrated in Rajasthan & Gujrat. India is the largest producer of normal stone in the world though China has elevated exports, more than 2 occasions the importance of Indian exports.
Rate of GST on Marble and Granite
GST Rate imposed on marble and granite in various aspects –
Monuments and Buildings Considered 18% GST for:-
* Marble Slab and Tiles
* Granite Slab and Tiles
* Gravel, Stones, Slab and Tiles
* Other Calcerous Stone
Slate and Sandstone Considered 5% GST for-
* Marble and Travertine, other then blocks
* Marble and Travertine blocks
Monumental & Building Stones Considered 12% GST for-
* Carved Stone Products
know more about GST on Mable and Granite.
Created on Feb 19th 2021 23:36. Viewed 102 times.
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