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The Transport Corporation of India (TCI) Executive Director, Mr Vineet Agarwal, has welcomed the Budget proposal on removing duties on imports of spares for ship owners. “For domestic shipping firms as repair costs will go down,” he said and also welcomed the proposal that promoted coastal shipping through a 25 per cent exemption in service tax. “Coastal shipping of goods will now attract 7.5 per cent of service tax,” he said.
An exemption of 25 per cent from the taxable value is being provided in respect of services rendered in relation to “transport of coastal goods”.
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