Moneycontrol
HomeNewsBusinessBudgetBudget proposes simpler tax regime for foreign cruise operators in India
Trending Topics

Budget proposes simpler tax regime for foreign cruise operators in India

The Bharatiya Janata Party (BJP) has promised to encourage the growth of the Indian maritime sector through legislative changes, according to its election manifesto for the 2024 Lok Sabha Elections.

July 23, 2024 / 14:46 IST
Story continues below Advertisement
Last year at the Global Maritime India Summit 2023, the finance minister said that India should have a full-fledged protection and indemnity entity in order to reduce the country’s vulnerability to international sanctions and pressures.

Finance Minister Nirmala Sitharaman in her Union Budget for 2024-25 proposed a simpler tax regime for foreign shipping companies operating domestic cruises in the country to help cruise tourism gather steam.

“There is tremendous potential for cruise tourism in India. To give a fillip to this employment generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country,” the finance minister said in her Budget speech on July 23.

Story continues below Advertisement

She also reduced corporate tax on foreign companies from 40 to 35 percent. She added that ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry and create more jobs.

The Bharatiya Janata Party (BJP) has promised to encourage the growth of the Indian maritime sector through legislative changes, according to its election manifesto for the 2024 Lok Sabha Elections.