New Delhi, January 22 (SocialNews.xyz) Central Direct Tax Committee (CBDT) revised income tax rules to stipulate the conditions for estimated tax system to non -resident cruise boats. Was notified. Published on Wednesday.
As a measure to promote investment and employment, the Financial Law 2024 provided an estimated taxation system to non -residents engaged in cruise ship management business.
In addition, exemptions are provided for foreign companies from lease rental of cruise ships received from affiliated companies that operate such ships in India.
The applicability of this estimated taxation system is subject to specified conditions.
These conditions stipulated by non -residents are more than 200 passengers or 75 meters or more for passenger ships under operating, for leisure and recreation, to have appropriate meals and cabin facilities for passengers. You must have the loading capacity of Sa.
The operated ship must also be on the voyage or coastal excursion that will be touched twice in the same coastal port in India or the same coastal port in India.
It is also essential that the operating ship is mainly to carry passengers, not to carry cargo.
In addition, ships must be operated according to the procedures issued by the Ministry of Tourism or the Ministry of the Maritime and the guidelines.
These fixes were proposed by the union budget to promote the cruise shiping industry aimed at making India an attractive destination for sightseeing.
The center has also launched a five -year cruise barrato mission. It aims to create 1 million passengers and 400,000 employment by 2029 and support Indian cruise sightseeing.
The mission includes the installation of dedicated funds, the easing pumpkot regulations, and the financial incentives.
Sarbananda Sonowal, Minister of Port Transport, stated that cruise transport had a great potential in Japan at the time of launch, but has long been pioneered.
The three phase missions have set a goal of developing world -class infrastructure and enabling cruise sightseeing and marine trade growth.
Source: Ians
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