India Budget 2024: Incentives announced to boost MRO activities in aviation, shipping sectors

economictimes.indiatimes.com:

Nirmala Sitharaman announced incentives to boost maintenance, repair and overhaul activities in aviation and shipping sectors during the budget speech on Tuesday. India is one of the fastest growing domestic aviation markets in the world.

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«To promote domestic aviation and boat & ship MRO, I propose to extend the period for export of goods imported for repairs from six months to one year. In the same vein, I propose to extend the time-limit for re-import of goods for repairs under warranty from three to five years,» Sitharaman said.

The government is working on boosting the Maintenance, Repair and Overhaul (MRO) activities in the aviation sector as most the work is done outside the country.

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The government had implemented the 5 per cent uniform Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts earlier this month.
Prior to this change, IGST rates on all aircraft and engine parts were in the range of 5 per cent to 28 per cent.

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