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As the Union Budget 2024-25 looms large on the horizon against the backdrop of impending general elections, industry leaders are vocalizing their expectations, with a focus on sectors like travel and tourism.
With the anticipation of a budget that strikes a balance between fiscal responsibility and populist measures, leaders are putting forth their insights and desires for crucial reforms. Nishant Pitti, CEO and Co-founder of EaseMyTrip expressed his expectations for the upcoming budget, emphasizing the need for reforms to strengthen and revitalize the tourism sector. He said, "In expectation of the Union Budget 2024, we earnestly expect crucial reforms to strengthen and revitalize the tourism sector. We expect the Government to allow GST input on holiday businesses, a strategic reduction in income tax to catalyze growth in the country's tourism industry, and the streamlining of the TCS structure to a more favourable 5 per cent slab. Additionally, we expect a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA), urging the Government to consider an annual allowance and the inclusive coverage of the entire tour package cost under LTA, surpassing the limitation to only flight expenses". He added, "Predicting the realization of the full potential of domestic tourism, we look forward to a budgetary emphasis on infrastructure development, technology integration, and health safety measures across airports, aviation, roads, railways, and waterways. Recognizing the vast, underleveraged potential of India's waterways, which includes sea and river cruising opportunities, we strongly urge the Government to undertake necessary measures for the development of this sector." In his statement, Pitti outlined key expectations, including allowing GST input on holiday businesses, a strategic reduction in income tax to catalyze growth in the country's tourism industry, and streamlining the Tax Collected at Source (TCS) structure to a more favourable 5 per cent slab. One of the prominent demands put forth is a comprehensive overhaul of tax exemption policies related to Leave Travel Allowance (LTA). Pitti urged the Government to consider introducing an annual allowance and expanding the coverage of the entire tour package cost under LTA, surpassing the current limitation to only flight expenses. Anticipating the realization of the full potential of domestic tourism, EaseMyTrip looks forward to a budgetary emphasis on infrastructure development, technology integration, and health safety measures across various travel modes such as airports, aviation, roads, railways, and waterways. Pitti highlighted the underleveraged potential of India's waterways, including sea and river cruising opportunities, urging the Government to undertake necessary measures for the development of this sector. The travel and tourism industry, like many others, has faced challenges due to the pandemic, and industry leaders are keen on measures that would not only support recovery but also foster long-term growth. As the industry eagerly awaits the Union Budget, the expectations expressed by leaders reflect a desire for comprehensive reforms that will invigorate and propel the tourism sector towards a robust and sustainable future. (ANI)
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