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Import duty norm relaxed to improve containers availability
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SME Times News Bureau | 25 Sep, 2021
The Centre has relaxed import duty norm on empty export cargo containers to improve their availability.
At present, keeping containers beyond a period of six months attracts an import duty.
The policy was designed to discourage long dwell time of containers and to promote faster turnaround.
However,
an official communique, cited that the policy has been reported to
"sometimes create perverse incentive among shipping lines to export
empty containers to evade duty payment on containers which are lying
empty".
As per the communique, the problem was brought out in stakeholder consultations held by the Ministry of Commerce and Industry.
"Working
on one of the action tracks identified by the government to ease the
problem, the CBIC has issued a guidance to field offices to extend this
period by three months where the container is being taken out of the
country in laden condition provided the 6 month period falls before the
end of FY22."
"Extension is to be sought by the concerned importer."
Accordingly,
the move is expected to reduce the export of empty containers from the
country on ground of imposition of import duty, thus, "increasing the
availability of containers for the trade".
Lately, disruptions due to the Covid-19 pandemic has resulted in high shipping freight rates and container shortages globally.
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