Union Budget FY25: Government may provide incentives for maritime sector
New Indian ExpressNEW DELHI: In a bid to give boost to the local manufacturing in the maritime sector, finance ministry is likely to raise basic customs duty on certain items in the upcoming budget 2024-25, top sources told The New Indian Express. They have proposed to raise rates on fishing vessels, tugs and pusher crafts and light vessels to 50% for next ten years and thereafter increase it to 100% from the year 10-25,” a top governments source stated. The Centre may eliminate tax deducted at source for Indian seafarers working on Indian flagged vessels operating in coastal waters to level the playing field with foreign-flagged vessels. The extension of benefits under the Tonnage Tax scheme to Inland Vessels registered under the Inland Vessels Act, 1917, may also be announced to spur investment in the IWT sector.
Discover Related
)
