India, Sept. 22 -- The GST Council's decision to cut tax rates on key construction materials such as cement, granite, and marble is expected to lower project costs for developers and provide some relief to homebuyers. Under GST 2.0, cement and ready-mix concrete will attract 18% GST (down from 28%), bricks, tiles, and sand will be taxed at 5% (down from 18%), and paints and varnishes will come under 18% (down from 28%). The reforms take effect from Monday, September 22, the first day of Navaratri, a move Prime Minister Narendra Modi described as a 'GST bachat utsav' in his address to the nation on September 21.

The revised tax structure now has two main tiers, with most goods and services taxed at 5% or 18%, while ultra-luxury items face...