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Jul, 10 2014

Hotels expects friendly budget

Lists four expectations from the new government.

The Hotel and Restaurant Association of Western India (HRAWI) has announced that it is expecting a friendly budget from the new Finance Ministry. HRAWI has identified four key parameters that will play a crucial role in the resurrection of the sector.

The association has raised issues of infrastructure, lowering the minimum project cost mandated for inclusion of hotels in the Reserve Bank of India's Infrastructure Lending List from Rs 200 crore to Rs 20 crore for hotels that have 20 or more guest rooms, depreciation on hotel building under Section 32.

Other parameters include TDS and de-linking of taxes and many more. The industry has been battling to keep up with the harsh financial burdens brought about by both the central and state governments that include service tax - charged by the central government, luxury tax - charged by the state, VAT - on food and beverage, Excise Duty - on beverages and Octroi Duty - on items imported into the state, amongst others.

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