FHRAI has put forth its expectations for Union Budget 2023. The Federation has recommended robust policy measures for the enhancement of the tourism and hospitality sector in India.
Jaison Chacko, Secretary General, FHRAI said, “The industry needs Infrastructure Status to be accorded by the Government of India to enable the hospitality sector to avail long-term funds under the RBI Infrastructure lending norm criteria. This will enhance quality accommodation supply and therefore, stimulate higher global and domestic travel demand.”
“We expect the Union Budget to include relaxations in Section 115JB – Minimum Alternate Tax (MAT) waiver for two years from April 2023 to March 2025. This will help reduce the tax burden and provide marginal relief to the hospitality sector. The Budget should extend investment-linked benefits under Section 35 AD for brownfield hospitality projects to the ongoing capex of hotels and resorts,” Pradeep Shetty, President, Hotel and Restaurant Association of Western India.