Pre Union Budget Quote | SOTC Travel
Spokesperson: Mr. Vishal Suri, Managing Director, SOTC Travel
We look forward to the upcoming Union Budget’s consideration of further economic relief for the industry at-large with lower taxes and incentives to help boost the road to recovery.
The industry appreciates the Government’s support to enable revival and strengthen the sector for which we anticipate a complete rationalization of GST, reducing/ eliminating the TCS on outbound travel, and eliminating the 5 crore capping for the SEIS benefit.
Rationalization of tax structure will help reduce complexities and will enable the industry to focus and accelerate businesses further. Eliminating the 5 crore capping for the SEIS benefit would provide much needed impetus to post Covid revival of the tourism industry and promote employment generation.
More importantly to boost domestic travel and tourism, incentives should be offered to Corporates for organizing meetings and conference in India through partial or full tax exemptions to the corporates on the expenses incurred.
We seek assistance from the Government in enhancing the structural transformation that is needed to build a stronger, more sustainable and resilient tourism industry. We need to focus on the tourism sector as a sustainable engine for economic growth and development. The Government should reboot the tourism economy on a stronger, fairer and more sustainable footing.