India Extends Tax Benefits on Bunker Fuel

India has extended the benefit of nil custom and production tax on bunker fuels to domestic coastal movement of containers, in a move to decongest its roads and reduce carbon emissions, a government statement said on Wednesday.

Earlier exemptions form the customs and production tax on bunkering fuel - 180 and 380 centistoke grade fuel oil - was available to Indian flag vessels carrying export-import cargoes and empty containers.

India, the world's third largest polluter, last week announced a plan to slow the rate at which it emits greenhouse gases as its economy grows, including promoting the use of renewable energy, investing in clean coal technology and planting more trees.

Unlike other large economies, India has ruled committing to absolute cuts in emissions, arguing its per capita emissions are far less than the global average.

 

(Reporting by Nidhi Verma)