Budget 2019 Expectations: Tourism industry wants tax reforms from FM Nirmala Sitharaman
Hospitality and tourism industry has demanded from the Finance Minister Nirmala Sitharaman to announce tax reforms and put some focus on the sector.
Hospitality and tourism industry has demanded from the Finance Minister Nirmala Sitharaman to announce tax reforms and put some focus on the sector, which is one of the fastest growing service industries in the country with great potentials for its further expansion. They also want changes in the current GST policy for businesses selling tax-free products and help balance the input-output tax to ensure more competitive prices for Indian consumers.
Aditi Balbir, Founder and CEO at V Resorts said, "Tourism plays a vital role in the growth of the economy of our nation contributing to a large proportion of GDP, leading to job creation. Considering the increased inbound travel, it has become one of the fastest growing service industries in the country with great potentials for its further expansion. Although last year’s Union Budget was a setback to India’s promising Hospitality and Tourism industry, this year we are expecting more attention on this sector, favorable policies, fund allotments for startups and better tax reforms. The most crucial concerns right now are water crisis, endless traffic jams, pollution control, waste management, etc. Therefore, we also look forward to amending some policies and initiative around the same for green and sustainable tourism. The government should be approachable and willing to listen, even to the smallest of start-ups and initiatives towards bridging our requirements with them. In addition, there is a need to have the advanced infrastructure to further the growth of tourism in India".
Shashwat Diesh and Aqib Mohammed, Co-Founders of Azah said, "Health, hygiene, and sanitation are some of the major concerns in India. It is the need of the hour; the Modi 2.0 Government should recognize menstrual hygiene products as a necessity for the betterment of society and realize its significance in socio-economic growth. Although sanitary products are tax-free in India, the cost of running a business has gone up for businesses that primarily sell only tax-free products. We hope the government makes changes in the current GST policy for businesses selling tax-free products and help balance the input-output tax to ensure more competitive prices for Indian consumers."
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