5% IGST on Marine Engines & Spares for Fishing Boats: CAAR Mumbai

In Re SM Marains Advances Gear Boxes India Private Limited (GST CAAR Mumbai) Customs Authority for Advance Ruling (CAAR) in Mumbai has ruled that the import of marine engines, their spare parts, and marine gearboxes intended for use in fishing boats will attract a 5% Integrated Goods and Services Tax (IGST) rate. The ruling came in response to an application filed by In Re SM Marains Advances Gear Boxes India Private Limited. The applicant sought clarification on the applicable IGST rate for these imported goods, which are specifically designed and certified by a Chartered Engineer as essentia...