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Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
16200 Central Green Blvd
GAC Regional Office, Asia Pacific 78 Shenton Way, #29-01
Group Vice President, Asia Pacific & Indian Subcontinent
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
Unit OT 18-35, Level 18, Central Park Towers, Dubai International Financial Centre, Dubai, P.O. Box 18006, United Arab Emirates
Leverage on our experience and expertise with integrated shipping, logistics and marine services tailored to meet your needs.
Safe, reliable and swift delivery of quality marine fuels at competitive prices
Round-the-clock ship supply services
Specialised solutions to improve supply chain efficiency
GAC Mobile Directory App
29 Aug 2024 / India
Income Tax rate on earnings accrued by non-resident companies has been reduced from 40% to 35% for the Financial Year 2024-25 in the Indian Government’s latest budget. As a result, Freight Tax payable on gross freight earnings for non-resident companies will come down from 3.276% to 2.8665%.
Freight Tax is the tax payable for export loading vessels in Indian ports on income earned. It is levied on the ‘Freight beneficiary’ who earns the freight income. The actual owner of the vessel earning the freight out of loading of export cargoes from India is deemed to pay this tax.
Freight beneficiaries based in countries having Double Taxation Avoidance Agreement (DTAA) with India are in eligible for exemptions, provided all the required documents are submitted to the Tax Department on time and in the prescribed manner. Exemption can be availed only for ‘foreign’ cargoes being loaded ex-Indian ports.
100% tax is payable, without any exemptions, for all coastal loadings from one Indian port to another.
For further details and updates, as well as information about operations in India, contact GAC India at [email protected]