New Delhi, Jan 22 (IANS) The Central Board of Direct Taxes (CBDT) has notified amendments in the Income-Tax Rules to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators, according to an official statement issued on Wednesday.
As a measure to promote investment and employment, the Finance Act, 2024 provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.
Further, exemption has been provided for any income of a foreign company from lease rentals of cruise ships, received from a related company which operates such ships in India.
Applicability of this presumptive taxation regime is subject to the conditions that have been prescribed.
These conditions prescribed for non-residents, that the passenger ship being operated must have a carrying capacity of more than 200 passengers or length of 75 metres or more, for leisure and recreational purposes and having appropriate dining and cabin facilities for passengers.
The ship being operated has to also be on scheduled voyage or shore excursion touching at least two sea ports of India or same sea ports of India twice.
It is also mandatory that the ship being operated is primarily for carrying passengers and not for carrying cargo.
Besides, the ship has to be operated as per the procedure and guidelines issued by the Ministry of Tourism or Ministry of Shipping.
These amendments were proposed in the Union Budget to promote the cruise-shipping industry with an aim to make India an attractive cruise tourism destination, by attracting global tourists to cruise shipping in the country and to popularise cruise shipping with domestic tourists.
The Centre has also launched a five-year Cruise Bharat Mission, aiming to boost cruise tourism in India with a target of 1 million passengers and creation of 400,000 jobs by 2029.
The mission includes setting up of a dedicated fund, easing of cabotage regulations and financial incentives.
Union Minister for Ports Shipping and Waterways Sarbananda Sonowal had stated at the time of the launch that cruise shipping has a tremendous potential in the country, but has remained unexplored for long.
The three-phase mission has set the goal to develop world-class infrastructure and enable growth of cruise tourism and maritime trade.
–IANS
sps/rad
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