• Source:JND
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Budget 2023: As the Union Budget 2024-25 looms large on the horizon against the backdrop of impending general elections, business executives are expressing their expectations and highlighting travel and tourism as key areas. Expecting a budget that finds a middle ground between fiscal responsibility and populist policies, industry leaders are voicing their opinions and wishes for significant changes.

Nishant Pitti, CEO and Co-founder of EaseMyTrip expressed his expectations for the upcoming budget, emphasising the need for reforms to strengthen and revitalize the tourism sector.

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"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 said as quoted by news agency ANI.

Acknowledging the immense and underutilised potential of India's waterways, Pitti asked the Central Government to take the appropriate steps to foster the growth of this industry. "Predicting the realisation 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," he added.

Pitti mentioned some of his main expectations such as allowing GST input on holiday businesses, strategically lowering income tax to spur growth in the nation's tourist sector, and simplifying the Tax Collected at Source (TCS) system 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).

He also 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 realisation 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.

(With ANI Inputs)