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.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..