India’s maritime sector has sought tax breaks and changes in laws in the upcoming federal budget, besides faster disbursement of subsidies and implementation of port projects to help the industry.
The Indian National Shipowners’ Association (INSA) has highlighted several issues such as taxes on profit from sale of vessels, on interest income from compulsory reserve, on input services and seafarer’s income. ‘These are the major issues that need to be addressed on a priority basis,’ S S Kulkarni, secretary general, INSA, said.