Govt to increase customs duty on fishing vessels, tugs/pusher crafts and light vessels

NEW DELHI : In a bid to give impetus to Aatmnirbharbharat in the maritime sector, finance ministry is likely to raise basic customs duty (BCD) on fishing vessels, tugs and pusher crafts and light vessels from 5% to 50%, as per a government official. 

“We are analysing the shipping ministry proposal and will make an announcement anytime soon. They have proposed to increase the 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,” the official stated. 

He added that this is in line with the recommendations of Maritime India Vision 2030 (MIV 2030) launched by the Prime Minister in 2021 – wherein detailed deliberations were conducted with the Shipping Ministry and various central line ministries, maritime experts, shipbuilding associations and think tanks etc.

For lifeboats, BCD is likely to be imposed at 50% for next 10 years and 100% in 10-25 years. BCD is likely to be raised to 50% on barges or pontoons imported along with ships for the next ten years and thereafter increase it to 100% from the years 10-25. Recently, the government had to reverse its decision of imposing import restrictions on laptops due to criticism from the industry and the US.