Budget 2024 Expectations: Streamlining TCS to GST credit —here's what travel & tourism sector expects this year

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Travel and tourism experts also believe that the goods and services tax (GST) input credit facility should begin for inbound and domestic tourism. ‘’Centralise similar issues faced by a single assessee in multiple states – reducing unwarranted time, efforts and litigations in multiple jurisdictions,'' said Thomas Cook India's Menon.

The compliance mechanism in filing reports and reconciliations, audits process must also be simplified, he added.
‘’Remove the deterrent to technology – in the form of the current tax deducted at source (TDS) that is levied on automated bookings (self-booking tools) for internal/closed user groups such as our business travel platforms. This would align with the government's commitment to ease of doing business and digital adoption, and the larger objective of building a Digital India,'' said Vishal Suri- Managing Director, SOTC Travel.

Apart from the above expectations from Interim Budget 2024, the travel and tourism industry also identifies certain themes that should be of prime focus for the government, in order to strengthen India's tourism: - Infrastructural Focus: As a key fundamental for the​ sector, setting up of new airports through private participation must become a priority, said experts. Creating a viable hub and spoke model and rapid expansion in rail, road and waterways (sea and river cruises) must also be prioritized.

Additionally, infrastructure development for high growth areas like religious circuits and underleveraged hidden gems (Lakshadweep) must be looked at, according to Thomas Cook India. - Inbound Tourism: The government should focus on the revival of the Inbound incentive scheme – but for select destinations, according to industry experts.