The Central Board of Indirect Taxes and Customs (CBIC) notified that 5% GST payable Maintenance, repair, or overhaul services in respect of ships and other vessels, their engines, and other components or parts.
The Board In exercise of the powers conferred by sub-section (1), sub-section (3) and sub-section (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15, sub-section (1) of section 16 and section 148 of the Central Goods and Services Tax Act, 2017 notified the amendment in Notification No.11/2017- Central Tax (Rate), dated the 28th June, 2017.
In the said notification, in the Table, (a) in serial number 3, against items (i), (ia), (ib), (ic) and (id) in column (3) , in the conditions in column (5), in the fourth proviso, in the Explanation, after clause (ii), the following clause shall be inserted, namely “(iii) the landowner-promoter shall be eligible to utilise the credit of tax charged to him by the developer- promoter for payment of tax on apartments supplied by the landowner-promoter in such project.”
The CBIC notified the new entry (ib) under serial number 25 in respect of Maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts on which 2.5% CGST is applicable.
This notification shall come into force with effect from the 2 June, 2021.
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