Reply: A qualifying ship has been defined in Chapter XII-G of the Income Tax Act 1961, details of which can be seen from the following website www.incometaxindia.gov.in.
Q2 What is the proportion of the number of vessels owned by companies that have the Tonnage Tax Scheme-applied compared with the number vessels time-chartered to number of vessels bareboat-chartered?
[Example Answer]
Vessels owned by companies to which the Tonnage Tax Scheme-applied 1: Vessels that are time-chartered/bareboat-chartered 3
Reply: Tonnage tax is applied not only to Indian flag vessels but also to foreign flag vessels chartered by tonnage tax company. During the financial year 2010-11 the number of owned vessels operated by tonnage tax companies was 460 and the number of foreign flag vessels chartered (both voyage and time chartered basis) by tonnage tax companies was 20 (Note: the number of vessels figure is worked out on the basis of total number of days vessel operated/365).
Japan would like to know the specific schedule foreseen in order to make a Policy Decision on Foreign Direct Investment in Multi-Brand Retail Trading after receiving public comments.
Reply: The feedback received from stakeholders is presently under the consideration of Government. It is not feasible to specify any specific time-frame in this regard.