Brick makers, businessmen will now have to pay more GST, 12% rate will be applicable in this case

GST has increased for those doing brick business. From Friday, bricklayers can opt for the composition scheme, under which they will have to pay 6 per cent GST without input tax credit (ITC).

GST has increased for those doing brick business.

Brick (Brick) GST for those doing business of ,GST, has increased. From Friday, brick traders can opt for the composition scheme, under which they get input tax credit. (Input Tax Credit) without 6% GST (New GST Rates) will have to pay. This will be higher than the earlier 5 per cent. Businesses who do not want to opt for the composition scheme, will have to pay 12 per cent GST along with ITC. The government has issued notification regarding GST rates on 31st March. These rates will be applicable from April 1. According to the notification, the composition scheme can be chosen for bricks, tiles, fly ash bricks and blocks, fossil meal bricks.

Till now, 5 per cent GST was charged on manufacturing and trading of bricks and businesses were allowed to claim credit on inputs.

In September last year, the GST Council had decided to bring brick kilns under the Special Composition Scheme from April 1, 2022.

Housing and infrastructure sector will be affected

Rajat Mohan, Senior Partner, AMRG & Associates said that India has higher inflation than ever before and at this juncture, the housing and infrastructure sector will be adversely affected due to steep hike in tax rates for essential infrastructure items. Mohan further said that developers of residential housing are not allowed to take any ITC. Therefore, the sharp increase in the tax rate for bricks has had a negative impact on the entire residential housing sector. This adversely affects the pockets of the customers.

Apart from this, let us tell you that in March, the GST collection has reached the all-time record level of Rs 1,42,095 lakh crore. At the same time, GST collection in one month i.e. February 1,40,986 lakh crore was Rs. The total GST revenue in March 2022 is Rs 1,42,095 crore, out of which CGST is Rs 25,830 crore. Apart from this, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (in which Rs 39,131 crore is collected on import of goods) and Cess is Rs 9,417 crore (in which Rs 981 crore has been collected on import of goods) in March 2022. The total GST collection is at a record high. This has surpassed the previous record of Rs 1,40,986 crore achieved in January.

read this also: Stock market gains on the first day of the new financial year, Sensex closed with a gain of 708 points

read this also: Relief to tour operators, tax will not be charged for taking tour packages for foreign countries by NRIs

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