Saturday, September 18, 2021

IGST on import of aircraft, other goods on lease exempted from double taxation

In a big relief to the airline industry, Finance Minister Nirmala Sitharaman, speaking on the outcomes of the just-concluded 45th GST Council meeting today, said Integrated Goods and Services Tax (IGST) on the import of aircraft or other goods imported on lease will now be exempted from "double taxation".

"This will facilitate domestic industry and aviation sector, and these will also allow transfer of goods imported under lease without payment of IGST," she added.

Making other announcements, the Finance Minister said transport of export goods by vessels and air has also been exempted from GST. "This was given due to difficulties being faced by exporters for getting Input Tax Credit refund due to technical issues on GST Portal," she said.

The FM said although GST portal is "stable" now, keeping in view the COVID-19 pandemic, this exemption is being extended by one year, which she said will provide benefit to exporters.

17/09/21 BusinessToday.In

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