Budget 2016: Shippers get fresh wind in their sails

Indian shipping companies will now be able to compete with their foreign counterparts in attracting cargo. Finance minister Arun Jaitley on Monday excluded the voyage charter services (transportation of goods by vessel from outside India to the first customs station of landing in India) from the negative list of service tax. Earlier, being the negative list, the shipping firms were not eligible for the Cenvat credit or refund of taxes paid in inputs, input services, capital goods.

The ports sector is expected to benefit from the enhanced connectivity with upgradation of state highways to national highways.Gautam Adani, chairman, Adani Group, said, “The focus on improved infrastructure through network of roads, rail, ports and airports will provide impetus for enhanced growth.“