To secure smooth growth of construction sector the Builders’ Association of India (BAI) today emphasised the need for setting up a Cement Regulator.
BAI said in a statement issued here that, in the construction sector the subcontractors are still levied GST of 18 percent which has to be reduced further.
“Cement Regulatory Authority” will help control the pricing and prevent cartelization by cement manufacturers and unfair practices, B Seenaiah, Chief Patron of BAI, said.
B Seenaiah said, “The subcontractors in the construction sector are still levied GST of 18 percent which has to be reduced further.Also, out of the Real Estate Industry GST of 18 percent, 6 percent is regarded as land value. Land valuation deduction under construction of complexes should be based on actual cost of the land or should be based on value mentioned in the ready-reckoner.”
The 28th All India Builders’ Convention will be held from January 19-21 in Bengaluru, the release said.