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of <h1>Customs and Excise Duties Updated for Ship-Breaking: New Rates and Exemptions Explained.</h1> The circular announces changes in the customs and excise duty structures for ships intended for breaking and ship-breaking scrap. The basic customs duty on ships under heading No. 89.08 is now split into a basic duty of Rs. 1,035 per Light Displacement Tonnage (LDT) and an additional duty of Rs. 365 per LDT, with no auxiliary duty. An excise duty of Rs. 365 per metric ton is imposed on ship-breaking scrap under headings 72.15 and 73.09, provided the ships have paid the specified customs duties. Transitional provisions exempt scrap from excise duty if the ship has already paid a basic customs duty of Rs. 1,400 per LDT. Products made from such scrap are exempt from excise duty.
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