Budget 2021 is just around the corner. We are seeing an outpour of requests, inputs, and wishlist from various sectors of the economy. Here is our wishlist for Budget 2021.
1) Incentives for most effective segments during COVID
Hospitality sector- The Hotel Association of India (HAI), said the revenue loss of the sector of approx ₹90,000 crore in 2020. The organized sector alone, which is 10% of the entire industry, has a debt of ₹45,000 crore. The HAI requested for infrastructure status to hotels with above Rs. 25 cr. investment, excluding land which is currently for over Rs.200 cr.
Also, businesses are pining for recommendations for remedying the unfavorable position taken by amendment in section 17(5) of the CGST Act by denying credit to hotel buildings/structures. Apart from that,easing of direct taxes, such as lowering income tax rates for hotels to help increase cash flows, allowance of business losses to be carried forward for up to 12 years instead of 8 are a few more items on the wishlist.
Education Sector- There has been a paradigm shift in the mode of learning and teaching method and also in the meanwhile of challenging pandemic there has been approval of The National Education Policy (NEP) by the Union Cabinet of India on July 28th, 2020. There are expectations regarding the norms for technology in Education, guidelines for NEP implementation, Rural education, Primary Education considering health of students along with their ability to pay tuition fees and get admission on time, since these issues have led to leaving the course halfway. Also, expectations are there regarding the increase in the fund accumulation limit from 15% to 25% under section 11 of the Income Tax Act, 1961, old accumulated funds via 15% were not able to deal with pandemic situations.
Alok Patnia, our Managing Partner shares his opinion on this. Read the full article on Zee Business
For any query, support or feedback, reach us at firstname.lastname@example.org or WA us at +91-9230033070 or Call us at 1800-102-7550
In these troubled times -COVID-19, we, at Taxmantra Global urge you to stay safe – social distancing, personal hygiene, and health care are of utmost importance! Stay safe!