Government gave good news to aviation industry, now 5% IGST on all aircraft parts

There is a good news related to aviation industries. On Sunday, the Government of India has issued an order to impose 5 percent IGST on all aircraft parts. The Aviation Ministry has shared this information through tweet. The aviation sector in India is growing rapidly. In such a situation, this decision of the government is no less than a big good news for the MRO industry.

What has the ministry said

In a tweet by the Aviation Ministry, it was said that a uniform 5 percent IGST (Integrated Goods & Services Tax) will be imposed on all aircraft parts. This order will be effective from July 15, 2024. Through this policy, the MRO (Maintenance, Repair, and Overhaul) industry and the aviation industry at large will benefit.

Big possibilities created by big orders

The aviation sector is growing rapidly in the country. Tata Group owned companies Air India and IndiGo have placed a large number of aircraft orders. It is expected that 1200 jets will be delivered in the next 10 years. In such a situation, MRO companies are going to get a big job in the coming years. This decision of the government can prove to be very beneficial for these companies.

Which are the leading MRO companies in the country?

Talking about the leading MRO companies of the country, these include Air India Engineering Services Limited, Max Aerospace and Aviation Limited, GMR Aero Technic Limited, Reliance Aerospace Technologies Private Limited, Air Bus India, Boeing India Private Limited etc.

7000 aircraft maintenance engineers

Let us tell you, at present there are about 7000 aircraft maintenance engineers in the country. But with the speed with which the aviation sector is growing, there is going to be a requirement of about 14,000 aircraft maintenance engineers. In such a situation, the demand for this course is going to be high in the coming time.