Customs - Exemption to Materials used for Ships/Vessels
AT present, raw materials and parts for use in the manufacture of ships/vessels are exempted from Customs duty subject to the condition that the ships are to be manufactured under Customs warehouse.
Now, the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions of Section 65 of the Customs Act, 1962 for availing duty benefits, is removed.
Similar notification is issued for Central Excise also.
Notification No. , Dated: November 24, 2015 and Notification No. , Dated: November 24, 2015