{"id":15422,"date":"2024-07-16T12:15:08","date_gmt":"2024-07-16T09:15:08","guid":{"rendered":"https:\/\/aviation-news.info\/?p=15422"},"modified":"2024-07-16T12:15:08","modified_gmt":"2024-07-16T09:15:08","slug":"government-implements-uniform-5-per-cent-tax-for-all-aircraft-aircraft-engine-parts-to-boost-domestic-mro-industry","status":"publish","type":"post","link":"https:\/\/aviation-news.info\/?p=15422","title":{"rendered":"Government implements uniform 5 per cent tax for all aircraft, aircraft engine parts to boost domestic MRO industry"},"content":{"rendered":"<p>The government on Monday (July 15) introduced a new 5% uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to stimulate the industry. According to an official statement, this decision, which is effective immediately, is described as a crucial step forward for the domestic Maintenance, Repair, and Overhaul (MRO) sector, with the aim of positioning India as a prominent global aviation hub.<\/p>\n<p>\u201cThe introduction of a uniform 5 per cent IGST rate on MRO items is a major boost for the\u00a0<a id=\"event-\" class=\"ie-click-event\" href=\"https:\/\/www.financialexpress.com\/business\/airlines-aviation\/\" rel=\"noamphtml\" data-post-id=\"event-\" data-event-category=\"Keyword_To_URL_widget\" data-event-action=\"click\" data-event-label=\"Desktop_3554743\">aviation<\/a>\u00a0sector,\u201d Union Civil Aviation Minister Kinjrapu Rammohan Naidu said in the release. Previously, IGST rates on all aircraft and engine parts varied between 5% and 28%.<\/p>\n<p>According to the release, during its 53rd meeting on June 22, the\u00a0<a id=\"event-2774\" class=\"ie-click-event\" href=\"https:\/\/financialexpress.com\/about\/gst\/\" rel=\"noamphtml\" data-post-id=\"event-2774\" data-event-category=\"Keyword_To_URL_widget\" data-event-action=\"click\" data-event-label=\"Desktop_3554743\">GST<\/a>\u00a0Council proposed a consistent 5% IGST rate. This adjustment aims to lower operational expenses, address tax credit complexities, and enhance investment attractiveness.<\/p>\n<p>Previously, differing GST rates of 5%, 12%, 18%, and 28% on aircraft components posed challenges such as inverted duty structures and GST accumulation in MRO accounts, noted Naidu.<\/p>\n<p>\u201cThis new policy eliminates these disparities, simplifies the tax structure, and fosters growth in the MRO sector,\u201d he noted.<\/p>\n<p>\u201cWe are committed to the Atmanirbhar Bharat initiative. Prime Minister Narendra Modi\u2019s support for transforming\u00a0<a id=\"event-\" class=\"ie-click-event\" href=\"https:\/\/www.financialexpress.com\/india-news\/\" rel=\"noamphtml\" data-post-id=\"event-\" data-event-category=\"Keyword_To_URL_widget\" data-event-action=\"click\" data-event-label=\"Desktop_3554743\">India<\/a>\u00a0into a leading aviation hub has been crucial in driving this policy forward,\u201d the minister said.<\/p>\n<h2 class=\"wp-block-heading\">Transforming India into premier aviation center<\/h2>\n<p>Naidu expressed the government\u2019s aspiration to elevate India into a premier aviation center, noting that the Indian MRO\u00a0<a id=\"event-\" class=\"ie-click-event\" href=\"https:\/\/www.financialexpress.com\/business\/industry\/\" rel=\"noamphtml\" data-post-id=\"event-\" data-event-category=\"Keyword_To_URL_widget\" data-event-action=\"click\" data-event-label=\"Desktop_3554743\">industry<\/a>\u00a0is forecasted to reach USD 4 billion by 2030.<\/p>\n<p>\u201cThis policy change is a crucial step towards building a strong ecosystem for MRO services, driving innovation, and ensuring sustainable growth,\u201d Naidu emphasised.<\/p>\n<p>The ministry is optimistic that this initiative will substantially bolster the competitiveness of India\u2019s MRO sector, fostering innovation and efficiency to cultivate a robust and effective aviation industry, as per the release.<\/p>\n<p>source: <a href=\"https:\/\/www.financialexpress.com\/business\/airlines-aviation-government-implements-uniform-5-per-cent-tax-for-all-aircraft-aircraft-engine-parts-to-boost-domestic-mro-industry-3554743\/\">https:\/\/www.financialexpress.com\/business\/airlines-aviation-government-implements-uniform-5-per-cent-tax-for-all-aircraft-aircraft-engine-parts-to-boost-domestic-mro-industry-3554743\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government on Monday (July 15) introduced a new 5% uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to stimulate the industry. According to an official statement, this decision, which is effective immediately, is described as a crucial step forward for the domestic Maintenance, Repair, and Overhaul (MRO) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":15423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"default","_twitter_share_type":"default","_linkedin_share_type":"default","_pinterest_share_type":"default","_linkedin_share_type_page":"","_instagram_share_type":"default","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":null,"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[96,102],"tags":[],"class_list":["post-15422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation-world","category-featured-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Government implements uniform 5 per cent tax for all aircraft, aircraft engine parts to boost domestic MRO industry - aviation news<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aviation-news.info\/?p=15422\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government implements uniform 5 per cent tax for all aircraft, aircraft engine parts to boost domestic MRO industry\" \/>\n<meta property=\"og:description\" content=\"The government on Monday (July 15) introduced a new 5% uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts to stimulate the industry. 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