When does the uniform IGST rate of 5% for aircraft parts become effective
Get to know about the new taxation policy applicable to aircraft parts starting from a specific date.
1. The uniform IGST rate of 5% for aircraft parts becomes effective from March 1, 2022.
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2. As per the new taxation policy, the IGST rate on aircraft parts is being reduced to 5% from the previous rates which varied between 5% to 18%.
3. This move aims to make aircraft maintenance and repair services more affordable and competitive in the aviation sector.
4. The reduction in GST rates on aircraft parts is expected to benefit airlines, maintenance, repair, and overhaul (MRO) companies, and other stakeholders in the aviation industry.
5. The new tax policy is intended to promote the growth of the aviation sector in India by reducing operational costs and encouraging more investments in aircraft maintenance activities.
Answered
9 months ago