<h1>New Tax Rates for Machinery Parts: 18% IGST or 9% CGST/SGST; 6% Retrospective Tax on Agri Parts.</h1> The the tax rates applicable to certain goods under Schedule 3, specifying an IGST rate of 18% or a combined CGST and SGST/UTGST rate of 9% each. The goods include transmission shafts, bearing housings, gears, gear boxes, and related components. Amendments to these rates and descriptions were made through various notifications from 2017 to 2018. Additionally, a retrospective tax of 6% was applied to parts used in agricultural machinery from July 1, 2017, to December 31, 2018, with no refunds for collected taxes as per the Finance Act, 2020.