📢 𝗚𝗦𝗧 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟬𝟳/𝟮𝟬𝟮𝟰 - 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝗧𝗮𝘅 (𝗥𝗮𝘁𝗲) The Ministry of Finance has issued Notification No. 07/2024, introducing key changes to air passenger transportation under the Integrated Goods and Services Tax Act. This notification is effective from 10th October 2024.

🔍 𝗞𝗲𝘆 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: 𝗧𝗿𝗮𝗻𝘀𝗽𝗼𝗿𝘁𝗮𝘁𝗶𝗼𝗻 𝗯𝘆 𝗛𝗲𝗹𝗶𝗰𝗼𝗽𝘁𝗲𝗿: 𝗡𝗲𝘄 𝗘𝗻𝘁𝗿𝘆: Transportation of passengers by air, in a helicopter on seat-share basis is now taxable at 5%, provided input tax credit on goods used in supplying the service is not claimed. This amendment clarifies the tax structure for helicopter services, ensuring transparency in passenger transportation tax compliance.

📜 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝘀𝘀𝘂𝗲𝗱: 8th October 2024 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗙𝗿𝗼𝗺: 10th October 2024 𝗣𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: Notification No. 15/2023 - Integrated Tax (Rate)

𝗜𝗺𝗽𝗮𝗰𝘁: This update affects businesses involved in helicopter passenger transport services and clarifies the applicable tax rate and conditions for availing input tax credit.