Cruise Bharat Mission has been launched on 30^th September, 2024 with the aim to provide whole of government approach by involving various Central and State Government agencies.Currently,six Major Ports have cruise Terminals. These are Vishakhapatnam Port in Andhra Pradesh,Mormugao Port in Goa, New Mangalore Port in Karnataka, Cochin Port in Kerala, Mumbai Port in Maharashtra &Chennai Port in Tamil Nadu.Cruise Bharat Mission targets increasing sea cruise tourists to 10 lakh by 2029.

A presumptive taxation regime for a non-resident, engaged in the business of operation of cruise ships has been introduced by insertion of a new section 44BBC in the Income-tax Act, 1961 (the Act) vide Finance (No.2) Act, 2024, which inter alia deems twenty percent of the aggregate amount received or receivable by or paid or payable to such assesse as profits and gains of such assesse from such business. Further, exemption to income of a foreign company from lease rentals has been provided upto assessment year 2030-31, by insertion of a new clause (15B) in section 10 of the Act, if such foreign company and the non-resident cruise ship operator have the same holding company. These provisions are effective from 1st April, 2025.

This information was given by the The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal in a written reply in Lok Sabha today.

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