Ajay Kumar, Defence Secretary (Production), Ministry of Defence said that a task force has been set up under the chairmanship of Tata Sons chairman N. Chandrasekaran to finalise the specifics and framework of the project. Photograph:( ANI )
'Exemption of Goods and Services Tax on specified defence goods not manufactured in India will greatly benefit defence preparedness,' Kumar said.
Defence Secretary Ajay Kumar said that the GST Council's decision to exempt GST on specified defence goods not being manufactured indigenously (up to 2024) will greatly benefit defence preparedness.
"Exemption of Goods and Services Tax on specified defence goods not manufactured in India will greatly benefit defence preparedness," Kumar said.
Finance Minister Nirmala Sitharaman on Friday announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously.
"This is being extended upto only 2024," Sitharaman said.
Finance minister said this while addressing a press conference in Panaji, Goa after the 37th GST Council meeting.