In a bid to boost the domestic MRO industry and make India an aviation hub, the government has announced the implementation of a uniform 5% tax (IGST) on all aircraft and aircraft parts. While addressing a press conference, Civil Aviation Minister Kinijrapu Rammohan Naidu said that all aircraft and aircraft engine parts will be covered under a 5% IGST rate, effective from July 15, 2024. This includes all imports. “This will be a major boost for the aviation sector. The new policy eliminates disparities, simplifies the tax structure, and fosters…
Tag: aircraft
IAF to vault multi-role fighter aircraft program under Buy Global, Make India; 114 aircraft still in pipeline
[ad_1] IAF’s mega $20 billion Multi Role Fighter Aircraft (MRFA) project is again under debate. Against the rapidly dwindling squadrons of the Indian Air Force, the MRFA program which is to receive 114 multi-role fighter aircraft, is a program that the Indian Armed Forces and the Government attaches utmost importance to. Considering the gravity of such serious concern and against hidden threats from northern and western adversaries, the MRFA is being considered on fast track under ‘Buy Global’. Make in India‘, proposes a change from the strategic partnership model. Evaluated…