IGST 5% on Marine Engines & Parts for Fishing Vessels: CAAR

In re Mega Marine Spares India Private Limited (CAAR Mumbai) Mega Marine Spares India Private Limited has applied to the Customs Authority for Advance Rulings (CAAR), Mumbai, seeking clarification on the Integrated Goods and Services Tax (IGST) rate for marine engines, their spares, and marine gearboxes. The company, involved in trading these items to the fishing community and boat builders across India, proposes that these goods, despite their primary HSN codes (8408, 8409, 8483), should be eligible for a 5% IGST rate as per Serial No. 252 of Schedule I of Notification No. 01/2017-IGST (Rat...