Qualifying ship.

115VD.   For the purposes of this Chapter, a ship ¹[or inland vessel, as the case may be] is a qualifying ship if-

(a)  it is a sea going ship or vessel ¹[or inland vessel, as the case may be] of fifteen net tonnage or more;

(b)  it is a ship registered under the Merchant Shipping Act, 1958 (44 of 1958), or a ship registered outside India in respect of which a licence has been issued by the Director-General of Shipping under section 406 or section 407 of the Merchant Shipping Act, 1958 (44 of 1958)¹[or an inland vessel registered under the Inland Vessels Act, 2021, as the case may be]; and

(c)  a valid certificate in respect of such ship ¹[or inland vessel, as the case may be] indicating its net tonnage is in force, but does not include-

(i)  a sea going ship or vessel ¹[or inland vessel, as the case may be] if the main purpose for which it is used is the provision of goods or services of a kind normally provided on land;

(ii)  fishing vessels;

(iii)  factory ships;

(iv)  pleasure crafts;

(v)  harbour and river ferries;

(vi)  offshore installations;

(vii)  [***]

(viii)  a qualifying ship which is used as a fishing vessel for a period of more than thirty days during a previous year.

Note:-

1 . Inserted by The Finance Bill, 2025 dated 01.02.2025 w.e.f.01.04.2026.