FM proposes simpler tax regime for foreign shipping companies operating domestic cruises

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday proposed a simpler tax regime for foreign shipping companies operating domestic cruises in the country, with an aim to give fillip to cruise tourism in India.

Presenting the Union Budget for FY25, she said ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry 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 in the country," she said.

There is tremendous potential for cruise tourism in India, the minister added.