5% IGST on Aircraft Parts to Boost MRO Sector

Airports/Aviation Sector News | India Projects News | Project Update | Project Opportunities

The government has announced a uniform 5% IGST rate on the import of aircraft parts, components, testing equipment, tools, and tool-kits, regardless of their HSN classification, to boost the domestic Maintenance, Repair, and Overhaul (MRO) sector. Additional measures include extending export and re-import deadlines for repairs, reducing GST rates, exempting customs duties on tools, and allowing 100% FDI via the automatic route to enhance competitiveness and foster growth in the aviation sector. These initiatives aim to attract more international MRO businesses to India, positioning the country as a global hub for aircraft maintenance and repair services.

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Note: The above-mentioned news was first published by us in our ProjectX India | 1st September 2024 edition.. Do you want to buy this issue or our latest issue? If yes! click here

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