A key reform is the new GST rate of 5% on all aircraft components and engines, effective July 15, 2024. This replaces the previous range of GST rates—5%, 12%, 18%, and 28%—which had led to operational challenges and GST accumulation issues. “This historic decision simplifies the taxation process and is projected to propel the MRO industry towards a $4 billion valuation by 2031,” said Naidu.
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