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This year’s Budget stands for entrepreneurship, employment and quality of life. The announcements will benefit the MSME (micro small and medium enterprise) sector, including small hotels. The Budget will facilitate the growth of our partner hotels in the MSME sector. The Mudra loan allocation of Rs 3 trillion will help in enabling SMEs to generate more jobs, while creating thousands of new entrepreneurs. An announcement on calculating goods and services tax (GST) on the actual price rather than the declared tariff for hotel accommodation was expected.
The change in the GST norms are in the interest of the hospitality industry. The government’s decision to develop 10 model destinations across India and invest in strengthening the country's airport network and infrastructure will go a long way in expanding the tourism sector.
OYO CEO Ritesh Agarwal
The reduction of corporate tax is a welcome move but the limit should have been pegged higher than Rs 2.5 billion so as to include more corporate entities under it. The measures taken by the government to keep the alarming pollution levels in control are highly appreciated. This is a major step towards ensuring quality life for citizens.