After the implementation of GST in India, the GST Council introduced new tax slabs for all the products produced, imported or exported. The GST rates in India are determined by the GST Council from time to time. GST rates will be levied in 5 rates, specifically, NIL, 5%, 12%, 18% and 28%. In this article, we look at the HSN code and GST on marble and granite.
Before grasping the procedure, now you require to ensure some details about the GST (Goods and Services tax).
Apprehend about GST
GST is a multi-stage tax system which is inclusive and is levied on the supply of goods and services. The main object of this taxation system is to curb the cascading effect of other indirect taxes. GST stands for Goods and Services Tax. GST is essential only on value addition at each stage. Although, GST Registration is obligatory for registering any businesses.
Rate of GST on Marble and Granite
GST Rate levied on marble and granite in various aspects –
Monuments and Buildings Considered 18% GST for:-
- Marble Slab and Tiles
- Granite Slab and Tiles
- Sand, 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
- Statues, statuettes, pedestals, high or low reliefs
- Sand lime bricks and stone inlay work
- Fly ash blocks
GST Impact on Marble & Granite Industry
The granite and marble industry is extensively fragmente and unorganise. It also has high exports for raw as well as organised blocks. Granite accounts for about Rs. 13,000 crores of exports and domestic maybe around the same though some part is not considered for.
This is concentrated in Karnataka, Andhra, Orissa etc. Marble industry is mostly concentrated in Rajasthan & Gujrat. India is the largest producer of natural stone in the world though China has the highest exports, more than 2 occasions the value of Indian exports. The value-added products in this industry progress the value which is gradually picking up in India.
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