The travel and hospitality industry was slowly moving towards normalcy last year but the Omicron variant had created major concerns.The administration imposed strict rules, curfews and the travel and hospitality sector was harmed.
According to the World Travel and Tourism Council, the contribution of this sector to India’s GDP was 6.8 percent in 2019 but it fell to 4.7 percent in 2020 due to the lockdown and travel restrictions around the world.
It is one of the hardest hit industries since the outbreak of Covid-19 and in the upcoming Budget session of Parliament, this sector requires a lot of support.
As per some top business experts, the GST Input Tax Credit (ITC) should be restored as the industry is running in very critical situations and in the absence of ITC, it is difficult for everyone to keep running the business.
As per the reports, over 25 percent of restaurants were shut last year and more than 24-lakh people lost their jobs across the whole country. The travel and tourism sector wants the government to support them and protect them from further deteriorating positions.
The travel and hospitality industry was slowly moving towards normalcy last year but the Omicron variant had created major concerns.The administration imposed strict rules, curfews and the travel and hospitality sector was harmed.
According to the World Travel and Tourism Council, the contribution of this sector to India’s GDP was 6.8 percent in 2019 but it fell to 4.7 percent in 2020 due to the lockdown and travel restrictions around the world.
It is one of the hardest hit industries since the outbreak of Covid-19 and in the upcoming Budget session of Parliament, this sector requires a lot of support.
As per some top business experts, the GST Input Tax Credit (ITC) should be restored as the industry is running in very critical situations and in the absence of ITC, it is difficult for everyone to keep running the business.
As per the reports, over 25 percent of restaurants were shut last year and more than 24-lakh people lost their jobs across the whole country. The travel and tourism sector wants the government to support them and protect them from further deteriorating positions.
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