Budget 2019 Expectations: Tour & travel, hospitality industry want a faster refund of GST, push to infra project from FM Sitharaman
Industry insiders want Nirmala Sitharaman to make provisions in which, GST refund should be faster and make announcements that can give impetus to pending long-term infrastructure projects.
As budget 2019 is around the corner, tour & travel and hospitality industry have put forth its demands towards the Modi 2.0 Government asking the Finance Minister Nirmala Sitharaman to make provisions in which GST refund should be faster and make announcements that can give impetus to pending long-term infrastructure projects. They said that delay in refund of GST causing the working capital blockage which is hitting the industry. There should be fund allotment for the infrastructural developments, be it the airports and railway stations, tourist places or other facilities.
Nishant Pitti, Co-Founder and CEO at EaseMyTrip said, “Travel and tourism industry in India account for more than 9 per cent of the GDP of India and creates great opportunities for employment and foreign exchange. So, I believe that the government will definitely focus on this sector in the Union Budget of 2019. There should be fund allotment for the infrastructural developments, be it the airports and railway stations, tourist places or other facilities. In fact, major initiatives should also be taken to promote our heritage destinations on the global level. There must be no delay in refund of GST since the postponement in the refund blocks the working capital and creates stress for the industry. From this budget as well, I am expecting the continuation of tax immunity for start-ups and small enterprises. This will help them to grow more.”
See Zee Business video below:
टैक्स को लेकर यदि आपकी भी है कोई मांग तो जुड़िए ज़ी बिज़नेस की इस मुहिम से.. वित्त मंत्री जी टैक्स घटाओ #TaxGhataoFMZee इस हैशटैग के साथ बनाए एक 10 सेकेंड का वीडियो, कहें अपनी बात और हम पहुंचाएंगे आपकी आवाज वित्त मंत्रालय तक..@AnilSinghviZEE @PMOIndia @FinMinIndia @nsitharaman pic.twitter.com/ec6FLDxkaD
— Zee Business (@ZeeBusiness) June 13, 2019
"The expected budget would be pro-farmer, middle sector and lower income groups with major emphasis on infrastructural development in a formulaic manner. This will strengthen the current financial system and will formulate new travel destinations and avenues. Considering the rising disposable income and higher tax savings, the travel and hospitality industry could foresee a positive domestic tourist movement." said Sarbendra Sarkar, Founder & Managing Director, Cygnett Hotels and Resorts.
Anil Kumar Prasanna, CEO, AxisRooms said, "Expectations are very high with the continued BJP Government at centre. In the hospitality industry, we are still looking at a reduced single rate GST, this can boost the domestic and inbound traffic to the business. Being a startup, the schemes like CGTMSE and Mudra loans are not yet transparent, banks and financial institutions are unaware or keep asking collateral for such loans, if this can be simplified then this can boost employment and also reduce stress on entrepreneurship, and would also request for bigger outlay spends for this loans."