Top Indian shipowners have pilloried the current taxation regime as “tax terrorism” and called for immediate relief to encourage industry growth.
Arun Kumar Gupta, chairman and managing director of state-owned Shipping Corp of India (SCI), describes the taxation system, particularly the “service tax”, as a big hindrance to shipping companies growing, as the rules are difficult to interpret.
The dozen weighty taxes imposed on local shipowners was “tax terrorism”, said Gupta, speaking at the Indian Shipping Summit 2014 this week.
Similarly,
