CBIC notifies 5% IGST on Aircraft Parts, Exempts IGST on Imports for RAMA and Prediction Programme [Read Notification]

The CBIC ( Central Board of Indirect Taxes and Customs ) has notified 5% IGST on aircraft parts. It also notified the GST (Goods and Services Tax ) exemption on imports of equipment for Research Moored Array for African Asian Australian Monsoon Analysis ( RAMA ) and Prediction Programme. The decision was taken in the 53rd GST council meeting. The board has amended the customs notification no. 50/2017-Customs, dated the 30th June, 2017 by this notification no. No. 28 /2024-Customs dated 12th July 2024. (1) after S. No. 544 and the entries relating thereto, the following S. No. and entries shall be inserted, namely: - (1)(2)(3)(4)(5)(6)“544AAny ChapterComponents or parts which are prescribed in any of the following manuals:- i. Aircraft Maintenance Manual (AMM); ii. Component Maintenance Manual (CMM); iii. Illustrated Parts Catalogue (IPCL); iv. Structural Repair Manual (SRM); or v. Standard Procedure Manual (SPM) of the OEMs, when imported into India for servicing, repair, maintenance or overhauling, subject to fulfilling respective conditions, the condition number of which is mentioned in the corresponding entry in column (6) against the serial number 536, 538 or 544.-5%- after S. No. 612 and the entries relating thereto, the following S. No. and entries shall be inserted, namely: - (1)(2)(3)(4)(5)(6)“544AAny ChapterComponents or parts which are prescribed in any of the following manuals:- i. Aircraft Maintenance Manual (AMM); ii. Component Maintenance Manual (CMM); iii. Illustrated Parts Catalogue (IPCL); iv. Structural Repair Manual (SRM); or v. Standard Procedure Manual (SPM) of the OEMs, when imported into India for servicing, repair, maintenance or overhauling, subject to fulfilling respective conditions, the condition number of which is mentioned in the corresponding entry in column (6) against the serial number 536, 538 or 544.-5%- in the Annexure, after Condition No. 117 and the entries relating thereto, the following Condition and entries shall be inserted, namely: - “118.If, (a) the importer, at the time of import, furnishes a certificate to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, of the port of import, from an officer not below the rank of a Deputy Secretary to the Government of India in the Ministry of Earth Sciences recommending the grant of this exemption and that the goods are required for the specified purpose; and (b) the importer, by the execution of bond, in such form and for such sum as may be specified by the Principal Commissioner or Commissioner of Customs, binds himself,- (i) to re-export the goods within a period of two years from the date of import, which may be extended by another one year by the Principal Commissioner or Commissioner of Customs of the Port of import of such goods upon written request of the importer citing reasons for seeking such extension; and (ii) to pay on demand an amount equal to the integrated tax payable on the such goods, but for the exemption under this entry, along with the applicable interest thereon, in the event of violation of any of the above condition specified above.”. Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates