Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 5.0
Article rating: 3.3
Article rating: 5.0
RSS

News

GST council to discuss cruise shipping industry’s demand of waiver at next meet: Gadkari

Author: PTI/Friday, August 31, 2018/Categories: TRACKING THE GST

GST council to discuss cruise shipping industry’s demand of waiver at next meet: Gadkari

Mumbai - The GST council is likely to take up the cruise shipping industry's long-pending demand of waiver from the indirect tax at its next meeting, Union Minister Nitin Gadkari today said here.

At present, the nascent cruise shipping industry is charged 18% Goods and Services Tax (GST). Lobbying for a waiver, the industry is citing the global norm of exemption from domestic taxes.

"We've had discussions with the Finance Ministry about the GST. The GST council is likely to take it up at its next meeting," Gadkari, the minister for shipping, ports and logistics, said at an industry event here late this evening.

The ministry is investing hundreds of crores of rupees for upgrading facilities and terminals at ports so that they can cater to cruise tourists, Gadkari said.

With Mumbai as the biggest hub, it has identified five other ports including Goa, New Mangalore, Kochi and Chennai, where the investments are being made, he said.

The minister said the country is targeting multi-fold increase in number of cruise tourists to 1 crore in the next three years including rivers and sea, against the 1.65 lakh last fiscal.

He said there is a tremendous potential for cruise tourism and also suggested that operators should explore the idea of having a Mumbai-Visakhapatnam-Andaman Islands-Bali cruise.

Gadkari said the sector has tremendous employment potential as well, with one job being created for every four tourists who arrive, and added that one crore guests will lead to creation of 25 lakh new jobs.

Mumbai Port is sourcing debris and earth from Metro construction for landfill to build the world's biggest garden on the eastern waterfront of the city, he said.

The minister, who also oversees Ganga rejuvenation project, said nearly 80 per cent of the river, plagued with pollution and filth, will be clean by March 2019.

He said the construction of a new terminal at the Bhaucha Dhakka wharf here to transport passengers and vehicles across the creek is complete, but his ministry is waiting for the ongoing "shraadh" period (which is considered inauspicious) to get over on October 8 before inaugurating it.

Print Rate this article:
No rating

Number of views (227)/Comments (0)

rajyashree guha

PTI

Other posts by PTI
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free