Giving a fillip to local manufacturing, Customs duty on fishing vessels, tugs and pusher crafts and light vessels may be raised from 5% to 50%. The Ministry of Shipping has proposed to raise the duty to 50% for the next 10 years and thereafter by 100% from the 10th year to 25 years. The decision also falls in line with the Maritime India Vision 2030.
The Centre may announce production linked incentive scheme for container manufacturing. Financial incentives based on volume and value addition criteria will also be offered to domestic manufacturers of containers.
The Centre may eliminate tax deducted at source (TDS) for Indian seafarers working on Indian flagged vessels operating in coastal waters to level the playing field with foreign-flagged vessels.
