The Indian private sector on Wednesday welcomed the government's decision to exempt satellite launch services by private organisations from GST, saying the move will help them offer competitive rates to put satellites in orbit. The GST Council , at a meeting on Tuesday, decided that GST exemption on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to such services supplied by organisations in the private sector also to encourage startups The Indian Space Association-EY report had said that the space launch segment was expected to grow rapidly by 2025 at the rate of 13 percent per annum. Director General, Indian Space Association (ISpA) said.He said the satellite launch segment has become a key focus area for Indian startups and SMEs, driving innovation and seeking new revenue opportunities. "As of now, GST exemption is for government launches through NSIL. "The decision of the GST Council for the extension of the GST exemption on satellite launch services is a welcome move.

Source: Economic Times July 13, 2023 00:50 UTC