Shares of three aviation companies rose by 1.66% to 4.53% at 15:09 IST on BSE on media reports that the civil aviation ministry is considering a steep reduction on the GST levied on aviation MRO industry.
Media reports suggested that the government is trying to bring the Goods and Services Tax (GST) levied on aviation maintenance, repair and overhaul (MRO) industry down to a level of 5%. At present, the MRO industry is taxed at 18%, making aircraft servicing in India costlier than other countries. There is also a proposal under consideration to give a five-year tax exemption to newly-set up MRO facilities, reports added.
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