Explore Business Standard
Tax Reforms
Lack of infrastructure status, rationalisation of tax rates, easier visa processes and more incentives by state governments to promote investments are some of the key issues that need to be addressed for India's hospitality sector to realise its full potential, Hotel Association of India President K B Kachru said ahead of the Budget. In an interview to PTI, Kachru, emphasised upon the need for India to be marketed in a better fashion, and noted that countries like Japan, South Korea and Thailand have been able to grow their GDP by giving importance to the tourism sector. He emphasised upon the need for India to identify and promote MICE (Meetings, Incentives, Conferences, and Exhibitions) destinations with high potential, and work towards building the required infrastructure to draw tourists globally. "We need investment. Investment can't be done by the government alone. Private sector has to come in and invest. What would motivate them to invest in the country is they must have a .
Government think tank NITI Aayog has pitched for tax reforms, mandatory saving plan, and housing plan for elderly in India, as the population of senior citizens is projected to reach 19.5 per cent of the country's population by 2050. In a report titled 'Senior Care Reforms in India - Reimagining the Senior Care Paradigm', NITI Aayog said a national portal for senior care must be developed for senior citizens to provide easy access of services to them. "Since the social security framework in India is limited, most seniors depend on the income generated from their savings. Variable interest rates result in the erosion of their income, sometimes even below sustenance levels. "Therefore, a regulatory mechanism is required to set a viable base rate for the interest accrued on senior citizen deposits," the report said. The report emphasised that giving a further concession to older women will contribute to their financial well-being. The elderly in India currently comprises a little ove
The Centre on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November. "The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement. This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.