Defence Secretary Ajay Kumar on Saturday said the decision to exempt GST on imported defence items up to 2024 will greatly benefit defence preparedness in the country.
On Friday, Finance Minister Nirmala Sitharaman had announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously.
"Exemption of Goods and Services Tax on specified defence goods not manufactured in India will greatly benefit defence preparedness," the Defence Secretary tweeted.
The exemption on GST on imported defence items will be extended up to only 2024, the Finance Minister announced yesterday.
She had stated this while addressing a press conference in Panaji, Goa after the 37th GST Council meeting.
The exemption of GST will help the defence forces to save funds due to the facility and they can utilise the money for other acquisition projects. (ANI)