Budget 2024: Domestic cruise shipping industry to rise

24 Jul 2024 CW Team

Finance Minister Nirmala Sitharaman announced during her Budget speech to Parliament on Tuesday that the government would introduce a simplified tax regime aimed at promoting the cruise shipping industry in India. She stated that a presumptive taxation framework would be implemented for non-resident foreign shipping companies engaged in domestic cruises.

The Budget documents reveal that a new section, 44BBC, will be introduced to deem twenty percent of the aggregate amount received or receivable by the non-resident cruise-ship operator, pertaining to carriage of passengers, as the profits and gains from this business. This measure effectively replaces the provisions of section 44B that previously applied to non-resident shipping businesses but will no longer apply to cruise-ship operations.

Additionally, the proposal includes an exemption for income from lease rentals paid to a foreign company if the lessor and lessee are subsidiaries of the same holding company. This exemption, under a new clause (15B) in section 10, will be applicable until the assessment year 2030-31.

The amendments are set to take effect from April 1, 2025, and will apply to the assessment year 2025-26 and subsequent years. Sitharaman emphasized the potential of cruise tourism in India, highlighting the employment opportunities it could generate. She underscored the government's goal to make India an appealing destination for cruise tourism, attract global tourists, and popularize cruise shipping among Indian travelers. The finance minister emphasized that international participation in the sector would foster its development and facilitate the adoption of global best practices.

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