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Economic Times
2 hours ago
- Economic Times
NAREDCO President urges govt to cap GST on building materials at 18%
ANI NAREDCO President urges govt to cap GST on building materials at 18% New Delhi: G Hari Babu, President of National Real Estate Development Council (NAREDCO) has urged the government to bring the Goods and Services Tax rates of building materials to the bracket of 18 per cent. Speaking at the sidelines of NAREDCO's 17th edition of National Convention in the national capital, NAREDCO President reiterated industry's demand of Input Tax Credit (ITC) under the Central Goods and Services Act (CGST) on commercial assets constructed for leasing purposes. "One thing we are asking is the input credit facility for the builders because now it is five percent fixed rate and for affordable housing already one percent is there up to forty five lakh. We are requesting them to increase to sixty lakh. And as far as the material concern there are certain areas where twenty eight per cent GST is applicable for example cement and other materials so it is not a luxury and we want to bring that also to eighteen per cent level. So no GST should be there on building materials more than eighteen per cent that is demand," he added. GST has significantly impacted construction industry and real estate industry. GST on construction services and materials is complex, with various rates applied based on the type of service, material, and project. Construction of affordable housing projects attracts a reduced GST rate of 1 per cent while different construction materials have varying GST rates from 5 per cent to 28 per cent. During the curtain raiser, Delhi Chief Minister Rekha Gupta assured the industry members that "Government just needs 2 years to revamp Delhi and fill the bottleneck of past 10 years of developmental backlog. "We urge the industry members and developers to come up with the PPP models for developing state of the art hospitals, schools, shopping malls, accommodations and infrastructure and the government will give the full policy and funding support," she added. Speaking at the event, Hari Babu affirmed the vision of the body and said, "From retrofitting existing structures to building climate-smart homes, the sector must adopt a forward-thinking approach that doesn't wait for regulation to act responsibly. Today's discussions are not just about vision, they are about setting actionable goals."Harsh Vardhan Bansal, President, NAREDCO Delhi, shared how the capital's real estate sector is evolving, "Delhi presents a unique case where infrastructure demand is high, yet land and environmental constraints are very real. The question is not whether we can grow, but how we can grow smarter. "Our focus at NAREDCO Delhi is to ensure that housing, commercial development, and urban services all move in the direction of sustainability. We are working closely with policymakers and urban planners to push for incentives that reward eco-friendly practices and penalize shortsighted developments. The future belongs to those who are thinking beyond the next quarter, and our goal is to build a future-ready, climate-conscious capital city," Bansal added.
Time of India
4 hours ago
- Time of India
NAREDCO President urges govt to cap GST on building materials at 18%
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Economy 1. Central banks are building a haven of bullion assets New Delhi: G Hari Babu, President of National Real Estate Development Council ( NAREDCO ) has urged the government to bring the Goods and Services Tax rates of building materials to the bracket of 18 per at the sidelines of NAREDCO's 17th edition of National Convention in the national capital, NAREDCO President reiterated industry's demand of Input Tax Credit (ITC) under the Central Goods and Services Act (CGST) on commercial assets constructed for leasing purposes."One thing we are asking is the input credit facility for the builders because now it is five percent fixed rate and for affordable housing already one percent is there up to forty five lakh. We are requesting them to increase to sixty lakh. And as far as the material concern there are certain areas where twenty eight per cent GST is applicable for example cement and other materials so it is not a luxury and we want to bring that also to eighteen per cent level. So no GST should be there on building materials more than eighteen per cent that is demand," he has significantly impacted construction industry and real estate industry. GST on construction services and materials is complex, with various rates applied based on the type of service, material, and project. Construction of affordable housing projects attracts a reduced GST rate of 1 per cent while different construction materials have varying GST rates from 5 per cent to 28 per the curtain raiser, Delhi Chief Minister Rekha Gupta assured the industry members that "Government just needs 2 years to revamp Delhi and fill the bottleneck of past 10 years of developmental backlog."We urge the industry members and developers to come up with the PPP models for developing state of the art hospitals, schools, shopping malls, accommodations and infrastructure and the government will give the full policy and funding support," she at the event, Hari Babu affirmed the vision of the body and said, "From retrofitting existing structures to building climate-smart homes, the sector must adopt a forward-thinking approach that doesn't wait for regulation to act responsibly. Today's discussions are not just about vision, they are about setting actionable goals."Harsh Vardhan Bansal, President, NAREDCO Delhi, shared how the capital's real estate sector is evolving, "Delhi presents a unique case where infrastructure demand is high, yet land and environmental constraints are very real. The question is not whether we can grow, but how we can grow smarter."Our focus at NAREDCO Delhi is to ensure that housing, commercial development, and urban services all move in the direction of sustainability. We are working closely with policymakers and urban planners to push for incentives that reward eco-friendly practices and penalize shortsighted developments. The future belongs to those who are thinking beyond the next quarter, and our goal is to build a future-ready, climate-conscious capital city," Bansal added.
Economic Times
10 hours ago
- Economic Times
On a health kick, FMCG companies chase sugar-free rush
TIL Creatives Representative Image Bengaluru | Kolkata: When over half of colas sold in India have gone low or completely sugar-free (as per PepsiCo's lead bottler Varun Beverages), can packaged food be left behind? While low-sugar or sugar-free food products may not be dominating sales yet, companies such as Britannia Industries, Nestle, Tata Consumer Products and Marico have driven a marked reduction in the level of sugar, sodium and fat in their products. There is also an increase in wholegrains and millets, vitamins and micronutrients in the products of these companies, including ITC and AWL Agri Business, as per disclosures in their annual, business and sustainability reports for fiscal 2025. Biscuits major Britannia said between 2018-19 and 2024-25, it has increased the wholegrain content in its products by more than three-and-a-half times and reduced the sugar and sodium levels by 3.4% and 11.9%. Nestle India has cut sugar by 6%, salt by 10% and total fat by 2.5% across categories. The company, which faced backlash over the sugar content in Cerelac, last year launched new variants of the baby food with no refined sugar. 'While taste has historically trumped health, consumers now want both nourishment and delight,' said Shashwat Goenka, vice-chairman at the RPSanjiv Goenka Group, which owns food retail chains Nature's Basket and Spencer's Retail. 'This isn't just another trend but a movement across all food categories. From snacks to desserts, people want options that fit their wellness goals, but still satisfy cravings,' he said in a social media post last week. Tata Consumer Products said it has reduced added sugar in one of its ready-to-drink variants by 30%. It has reduced another by 20% since FY24 and plans to make further reductions. These steps have already helped it reduce the use of sugar by 2,900 tonnes in the last two years, the company FY25, health and wellness-focused new products made up 29% of its total offerings. Marico said it has reduced the amount of sodium by 20% in key products such as oats and millets under its Saffola brand. It is fortifying the entire range of edible oils portfolio with fat soluble vitamins, as is competitor AWL Agri Business. Marico is also using oats, soya, millets, nuts and seeds, and honey in products to address noncommunicable diseases, cardiovascular diseases and conditions influencing immunity. To be sure, large food companies are signatory to sector regulator Food Safety and Standards Authority of India's 'Eat Right Movement' launched in 2018 to fight lifestyle diseases and improve public health. Also, overall awareness and criticisms on social media about unhealthy packaged food have accelerated this trend, industry executives said. ITC said while it is reducing salt, sugar and fat without compromising on sensory attributes (such as taste), it also wants to increase the level of nutrients like vitamins, minerals and fibre that are beneficial for health. ZERO-SPIRIT WHISKEY, LESS-UNHEALTHY SNACKS This trend is also finding favour in the alcohol beverage space. According to India's largest beer manufacturer, United Breweries, its latest launch, Amstel Grande, has no added sugar. The market for no-alcohol-low calorie whiskey and beers too is picking up in metros, driven by Gen Z. Rohit Pillai, director, product and growth at beer brand Bira91, said there is a strong potential in the low-calorie segment within the alcobev space which is still nascent. Zero-alcohol beverage maker Sober Zero Proof Spirits founder Aditya Aggarwal said the largest sales contributor is zero-spirit whiskey. Meanwhile, snacks manufacturer Bikaji Foods chief operating officer Manoj Verma candidly told analysts last week that there's nothing called healthy food. 'You may say healthy snacks. You may say less unhealthy. That's a better way to put that up,' he said. Verma said while companies including his are taking steps to be future ready, this market is still very niche.
