Union Budget 2023 Expectations: Only 10 days are left for the presentation of the general budget for the financial year 2023-24. All sectors have expectations regarding the budget and their demands are also reaching the Finance Minister. From different sectors of the country to general public, housewives, students, businessmen, institutions, everyone’s budget wishlists are constantly coming to the fore. In this episode, what are the expectations of the travel and tourism sector from the budget – you can know here.
What are the demands of the travel and tourism industry
The travel and tourism industry has sought support from the government in the upcoming budget to accelerate the structural change needed to build a stronger, more sustainable and better tourism industry. Rajesh Mago, Co-founder and Group CEO, MakeMyTrip, said the Indian travel and tourism industry has shown tremendous performance, with domestic leisure travel recovering well from pre-pandemic levels, though long-haul international travel still lags behind. Is. At this critical juncture, the industry needs support from the government to ensure that it remains one of the leading employers in the country.
He said- With the dream of becoming a digital economy, the disparity between offline and online booking should be removed to motivate all travelers to adopt Digital India at the grassroots level. At present, a customer pays a GST charge of 5 per cent while booking a non-AC bus through the online platform. Same is the difference in case of online booking of unregistered hotels and homestays.
Rajesh Mago said- Infrastructure status for the sector is a long standing demand of this sector. Acknowledging this much-awaited request of the travel and tourism sector will help in easier access to institutional credit; Will enhance the competitiveness of India’s tourism sector in the international arena and pave a long-term path for sustainable development of the sector.
What the CEO of Thomas Cook has to say
Mahesh Iyer – Executive Director and CEO, Thomas Cook (India) said the travel and tourism sector is a significant contributor to India’s GDP and the planned National Tourism Policy intends to target a GDP contribution of $1 trillion by 2047. Is. There is a target of 150 billion dollars in 2024.
Travel and tourism sector is an important sector for the country’s economy.
Apart from foreign exchange earnings, it provides valuable skill development and employment generation in travel, tourism and allied industries. Support from the government will be invaluable in expediting the post-pandemic recovery and harnessing the benefits of this powerful sector through rationalization of tax and budgetary outlays on infrastructure.
He said- Our major expectations for the upcoming Union Budget would include reducing TCS for outbound travel and LRS remittance. Extension of LTA to once a year as against twice in 4 years to promote domestic tourism; Reduction in TDS rate, as this may adversely affect corporate travel expenses; Exemption of travel agents from section 53 of GST as it is a major compliance and working capital challenge for travel agents (there is no ultimate loss of revenue to the government, given that airlines already pay tax on their sales.
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