GST revamp: Mines ministry sees boost for housing sector and artisans; marble, granite, handicrafts to get cheaper

The Mines ministry on Thursday said the revised GST rates and slabs will positively impact the housing industry and small-scale enterprises, with key items such as marble, granite, lime bricks and handicrafts set to become cheaper.Following the GST overhaul last week, many mining-related products will now attract a 5% tax instead of the earlier 12%, the ministry said in a statement, PTI reported. Granite and marble, widely used in the housing sector and extracted mainly in Rajasthan, Gujarat and Karnataka, will directly benefit from the lower rate.The ministry added that the reduced GST on lime bricks and stone inlay work will help cut construction costs for low-cost housing, especially in rural areas, while cheaper brass kerosene stoves will support low-income families.Handicrafts of brass, copper alloys, aluminium, and nickel or silver-plated items will also cost less, providing relief to artisans and small-scale enterprises.“With reference to recommendations on GST rates on services pertaining to the Ministry of Mines, reduction of GST rates for supply of multimodal transport of goods within India from 12 per cent to 5 per cent (with restricted credit) will benefit the mining and mineral industry, particularly iron ore which involves long-distance movements,” the ministry said.From September 22, GST will be levied at 5% and 18% on most goods and services, while ultra-luxury items and tobacco products will attract a higher 40% slab.