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India introduces new tax rate for IGST

India introduces new tax rate for IGST

Thus, from July 15, 2024, a single integrated rate of 5% will be applicable on all aircraft and aircraft engine parts. The previous rates caused inconvenience and confusion, as they were different for all components (5%, 12%, 18% and 28%).

Now, the new single rate is intended to solve the problems with tax incentives, attract investment in the MRO sector.

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