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Govt Offers Tax Sops to Spur Shipbuilding

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The government has announced a slew of tax sops to spur shipbuilding in the country as part of measures aimed at boosting the Make in India programme. These include exemption from customs and central excise duties on all raw material and parts for use in the manufacture of ships, vessels, tugs and pusher crafts, the finance ministry said in a statement on Thursday.
Besides, raw material used for manufacturing of ships or vessels in export oriented units or EOUs will be exempt from basic customs duty and excise duty.
“Suitable amendment is being made to the relevant notifications so as to provide that EOUs become eligible for duty exemption on raw materials or parts consumed in manufacture of such ships or vessels etc which are cleared to DTA (domestic tariff area), even if such ships or vessels are exempt from basic customs duty and central excise,“ the ministry said.
The Economic Times, New Delhi, 27th Nov. 2015

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