Financial Daily from THE HINDU group of publications
Sunday, Feb 13, 2005
Financial Daily from THE HINDU group of publications Sunday, Feb 13, 2005 |
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Shipping Logistics - Taxation Shipping Ministry revives plan to levy maritime cess P. Manoj
New Delhi , Feb. 12 THE Shipping Ministry has revived the proposal to levy a maritime development cess to part-fund the Rs 58,000-crore National Maritime Development Programme. "Part of the finances for implementing the development programmes for the maritime sector will be raised through the levy of a nominal maritime development cess. "The cess will be levied for a period of 10 years at the rate of 5 paise per kilogram for foreign going cargo passing through Indian ports and 2 paise per kilogram for coastal and low value cargo," says a note prepared by the Shipping Ministry for the consideration of the Union Cabinet. Out of the Rs 58,000-crore that is expected to come into the major ports sector, about Rs 10,000 crore is likely to be in the form of gross budgetary support mostly for capital dredging and construction of break waters, Rs 35,000 crore from the private sector and another Rs 4,500 crore from rail/road connectivity projects and special economic zones, a Ministry official said.
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