Industry chambers FICCI and ASSOCHAM are of the opinion that the Finance Minister Pranab Mukherjee should look to provide infrastructure status to the hotel industry in the Union Budget 2012.
FICCI has emphasized that such a grant will lead hotels to re-invest their profits in the hospitality sector, channelize huge investment in the tourism sector and help bridge the shortfall of hotel rooms.
FICCI in its pre-budget memorandum has pushed a case for the hotel industry to be given the 'export industry' status. This can be done by revival of Section 80HHD of Income Tax Act 1961,
which was discontinued after 2005-06 in respect of foreign exchange earnings by tourism industry. Allowing 100% FDI in developing tourism infrastructure in India has also been recommended by the chamber. ASSOCHAM has recommended doing away with the requirement of PAN for all payments exceeding Rs.25,000 in hotels and restaurants. The Economic Survey 2011-12 tabled in the Parliament by the Finance Minister on Thursday said that the states need to set up boards similar to the Hospitality Development and Promotion Board (HDPB) set up by the Centre, in order to provide s
Source
Commis II Indian - Jobs in India
which was discontinued after 2005-06 in respect of foreign exchange earnings by tourism industry. Allowing 100% FDI in developing tourism infrastructure in India has also been recommended by the chamber. ASSOCHAM has recommended doing away with the requirement of PAN for all payments exceeding Rs.25,000 in hotels and restaurants. The Economic Survey 2011-12 tabled in the Parliament by the Finance Minister on Thursday said that the states need to set up boards similar to the Hospitality Development and Promotion Board (HDPB) set up by the Centre, in order to provide s
Source
Commis II Indian - Jobs in India