The hospitality sector is expecting better policies and tax reforms from the union budget 2019: Mr. Sandeep Gupta
India’s one of the young & dynamic personality of hospitality industry Mr. Sandeep Gupta, Executive Director, Asian Hotels West Limited has expressed his views and expectation from the Union Budget 2019. While discussing on union budget Mr.Gupta said ‘The hospitality and tourism is one of the fastest growing sectors in India and it has the potential to expand by 2.5 percent with higher budgetary allocation.
The employment opportunities are expected to rise by 2% each year to 52.3 million jobs by 2028. While the hospitality sector is expecting better policies and tax reforms, keeping in mind the primary GST rate of 28% on luxury hotels. The high percentage has made the star category hotels in Indian cities the most taxed in the world. By rationalized changes, one may standardize the luxury segment and making India a competition ready with an increase in demand. This would also result in India’s positioning as one of the chosen destinations, enabling the foreign exchange value for the nation’.
Finance Minister Nirmala Sitharaman, will present her maiden union budget in the parliament on 5th of July 2019. After getting the huge mandate in the 2019 general elections this will be the first union budget of Modi government 2.0.