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Saturday, September 30, 2023

We Expect: Tax Exemptions, Uniform GST, Infrastructure status for the Industry and more -Subhash Goyal


Sharing his expectations from the budget, Mr Subhash Goyal, Honorary General Secretary, FAITH said, “Tourism industry is the worst affected industry. Out of about 75 million people who are directly or indirectly employed in this industry – about 30 million have lost their jobs and about 10 million are on leave without pay. About 53,000 Travel Agents, 1.3 Lakh Tour Operators and thousands of Tourist Transporters and Tourist Guides are struggling to survive. Like in other countries, Indian Tourism industry did not receive any survival financial package from the Government.  Therefore, we hope that this Budget will give us some relief so that this industry can revive and millions of jobs are saved.”

Our expectations from the Budget are: –

  1. Uniform GST rate of 10% on Hotels and Restaurants with input credit.
  2. One year tax exemption to the Tourism and Hospitality industry so that they are able to survive.
  3. All statutory payments like electricity, excise fee, transport permits to be exempted for the lockdown period.
  4. Banks to be instructed to give priority funding/loan at a maximum of 5% interest for 5-10 years at least.
  5. GST/Tax exemption for Corporates to hold their conferences within India instead of abroad.
  6. Tourism industry’s foreign exchange earnings to be fully recognised as export earnings at par with merchandise export.
  7. Tourism and Hospitality industry to be given infrastructure status.
  8. Tourism industry to be put on the concurrent list of the government.
  9. Increase SEIS to 10% on all foreign exchange earnings to members of the tourism industry for at least 5 years to help them to recover from the Covid-19 crisis.
  10. A global MICE bidding fund to be created so that India can bid to get more international conferences, meetings and events to take place in India.
  11. To encourage Domestic Tourism, private organisations/companies should be given tax incentive for allowing their staff to go on LTC tour.
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