The Indian government Thursday approved the Cruise Shipping Policy of India that envisages a zero-tax regime for cruise ship operators, according to Indo-Asian News Service Thursday.
Under the policy, cruise operators will be exempted from income-tax, excise duty, customs duty, corporate tax and service tax that accounts for almost a third of their total revenues.
The policy is aimed at attracting foreign cruise ship operators, which have so far avoided India because of its restrictive tax regime.
Growing globally at the rate of 12 percent annually, this sector has witnessed some activity in India as well of late. However, it is still in its infancy in India.
The cruise ship industry annually generates 14 billion U.S. dollars worldwide and enjoys a passenger base of over 10 million, which is expected to almost double by 2009. India's share is only two percent, despite its vast coastline of over 7,000 kilometers.
Source: Xinhua
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