GST on granite industry slashed
By Express News Service | Published: 11th November 2017 03:25 AM |
HYDERABAD: In a major relief to the granite industry in the state, the GST Council has reduced tax on the sector from 28 per cent to 18 per cent. Telangana has been demanding for the same from time the new tax regime was implemented.
“This will help the survival of the industry,” principal secretary Commercial Taxes Somesh Kumar told Express. While Telangana demanded a reduction in tax rates for granite, states like Rajasthan were opposed to it, leading to the delay in rate revision.
CM KCR had submitted memorandums to the Centre seeking reduction of rate on granite industry.
Also, in a boost to the tourism sector, the Council has also slashed taxes on star-hotels from 28 per cent to 18 per cent. “We have been demanding practical taxation and we welcome the move,” said Finance minister E Rajender.