Commerce, shipping ministries to discuss trade and shipping-related tax issues tomorrow

New Delhi: The commerce and trade ministry will on Friday meet officers of finance and delivery ministries and trade stakeholders to debate tax associated points within the maritime sector.

Officers stated that India’s proposed Vessel Sharing Agreements may very well be mentioned on the assembly which is being held amid exporters witnessing excessive air and delivery freight charges as a result of battle in West Asia.

“Trade has flagged commerce associated points equivalent to tax issues and they might be mentioned within the assembly,” stated an official. India’s items exports have fallen for 2 straight months, with August witnessing a 13-month low contraction of 9.3%. Merchants attributed it to rising delivery prices, slowdown in China and recessionary developments within the West.

Points associated to tonnage tax, necessities of certificates whereas remitting freight, container availability and items and companies tax within the delivery sector may very well be mentioned.

Merchants have confronted challenges equivalent to container scarcity, surge in ocean freight price and delivery price, delivery delays on the Indian ports, and turnaround time on the ports and the influence of geopolitical uncertainty together with the Purple Sea disaster that are impacting exports. Final month, India determined to scale back sure fees at ports and buy 5 further second-hand container vessels by the Delivery Company of India to resolve delivery sector-related issues of merchants and push exports.