Quick Summary
The Indian Space Association (ISPA) has presented a comprehensive set of proposals to the government, seeking favorable fiscal measures in the upcoming Union Budget 2024-25. These measures aim to provide a significant boost to the countrys satellite industry and foster innovation in the space sector. GST Exemption and Tax Holidays ISPA has urged the government to grant Goods and Services Tax (GST) exemption for satellite companies, including satellites, launch vehicles, and ground equipmen
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FAQ :
ISPA is seeking GST exemption for satellite industry products, tax holidays for space sector firms, clearer FDI policies, a PLI scheme for space-grade components, reduced tax on external commercial borrowings, and capital subsidies for infrastructure.
ISPA is requesting GST exemption for satellites, launch vehicles, ground equipment, and key production inputs. They are also asking for tax holidays for companies operating in the space sector.
ISPA recommends defining a clear framework for the foreign direct investment (FDI) policy specifically for the space sector to attract more foreign investments.
The proposed PLI scheme is specifically tailored for space-grade components to stimulate domestic manufacturing capabilities and reduce reliance on imports.
ISPA is also calling for a reduction in the tax rate to 5% on external commercial borrowings and a capital subsidy on infrastructure investments.
The overall goal is to foster innovation, encourage the adoption of space tech, reduce costs, and position India as a strong player in the global space industry, contributing to economic growth and technological advancement.
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