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Import of goods by vessel Budget 2016 made it expensive

Budget - By: - Pradeep Jain - Dated:- 3-3-2016 - Introduction:- Budget 2016 has been introduced and with it has come many amendments and changes in the law. One such change is with respect to the services by way of transportation of goods by an aircraft or a vessel. The amendments made in it are effective from 1.6.2016 and will impose additional fiscal burden on the importers importing goods via sea. This article demonstrates the existing scenario, amendments made and the implications thereof. E .....

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carried by an aircraft or vessel from a place outside India up to the customs station of clearance in India. As a result the shipping lines particularly are exempt from service tax while importing goods on behalf of the importers. Amendment effective from 1.6.2016:- In the latest budget, it has been declared that this entry [sec. 66D (p)(ii)] shall be omitted w.e.f. 01/06/2016. The effect being that the above stated exemption to vessels and aircrafts under the above entry shall not be available. .....

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6/2016. Effect of amendment:- The new entry will exempt only the inward transportation of goods by an aircraft. The existing exemption to vessels is going to be withdrawn w.e.f. 1.6.2016. This directly impacts the shipping lines registered in India. The shipping lines are engaged in the transportation of goods from and to India. Now when the exemption from the shipping lines importing the goods from abroad to India is lifted, the Place of Provision of service rules, 2012 comes into direct play. .....

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