Tax Amendment Alert: Sustainable Construction Materials Receive Boost
Strategic Amendment:
G.S.R. (E) invokes authority under IGST Act, 2017, amending the March 31, 2022, notification (No. 02/2022-Integrated Tax (Rate)).
Focus on Sustainability:
The amendment specifically targets environmentally friendly construction materials, promoting the usage of "Fly ash bricks, aggregates, and blocks."
Government's Commitment:
The move reflects the government's commitment to encouraging sustainable practices in the construction industry.
Effective Date:
The amendment becomes effective from July 18, 2022, signifying a recent and proactive decision.
Administrative Authority:
Vikram Vijay Wanere, Under Secretary to the Government of India, spearheads the amendment, affirming its official status.
Sustainable Construction Materials:
The emphasis on fly ash-based products aligns with broader initiatives for eco-friendly and sustainable construction practices.
Industry Impact:
Construction businesses and stakeholders should leverage this amendment to embrace sustainable materials and practices.
Note: This regulatory adjustment aims to support sustainable construction methods, contributing to both economic and environmental goals.