DGS Circular No. 14 of 2024 – Calculation of Net Tonnage factor for Financial Year 2023-24 (AY 2024-25) to be used by Tonnage Tax Companies having Space/Slot arrangement.

Applicable to: Tonnage Tax Companies having Space/Slot arrangement

Effective Date: Financial Year 2023-24 (AY 2024-25)

Superseded Circulars: None mentioned

Key Changes and Requirements

1. Net Tonnage Factor for FY 2023-24

The Net Tonnage Factor for the financial year 2023-24 (AY 2024-25) has been calculated as 9244.

Calculation: Aggregate Net Tonnage of all qualifying ships registered under the Merchant Shipping Act, 1958 at the end of the preceding financial year divided by the total number of such ships at the end of the preceding financial year.

Note: This factor should be used in conjunction with the net tonnage of slot/space charters calculated under the CBDT notification dated 29.03.05 to work out the minimum training requirement for such arrangements for the FY 2023-24.

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