Finance Minister Boosts Cruise Tourism with Simplified Tax Regime

Finance Minister Nirmala Sitharaman has proposed a simpler tax regime for foreign shipping companies conducting domestic cruises. Announced in the FY25 Union Budget, the move aims to boost cruise tourism, enhance the Indian shipping industry's share, and generate more employment opportunities.

Finance Minister Nirmala Sitharaman on Tuesday proposed a simpler tax regime for foreign shipping companies operating domestic cruises in India, aiming to boost the cruise tourism sector.

Presenting the Union Budget for FY25, she highlighted new reforms in ownership, leasing, and flagging to improve the Indian shipping industry's market share and generate more employment.

''To give a fillip to this employment-generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises,'' Sitharaman announced, emphasizing the sector's tremendous potential for growth.

(With inputs from agencies.)