#Business

Travel Agents Seek Industry Status, GST Rate Rationalization in Budget 2024

The Travel Agents Association of India (TAAI) has presented a set of demands ahead of the Union Budget 2024, advocating for several key measures aimed at revitalizing India’s travel and tourism sector. Highlighting the sector’s substantial contribution of 5.8% to India’s GDP, TAAI emphasized the need for supportive policies to achieve a USD 1 trillion target by 2047.

Among the primary demands put forth by TAAI are the grant of industry status to all stakeholders in the travel and tourism segment. This designation would facilitate access to benefits and incentives essential for sectoral growth and recovery.

TAAI also urged for simplification of visa requirements and promotion of visa-free entry for tourists visiting India, aiming to enhance tourist inflows and streamline travel procedures. Additionally, the association called for rationalization of GST rates and GST credit mechanisms to reduce financial burdens on businesses and promote investment in tourism infrastructure.

“The measures proposed by TAAI have the potential to significantly boost India’s travel and tourism industry, benefiting both businesses and travellers alike,” stated the association. These initiatives, if implemented, could foster a conducive environment for growth, attract more tourists, and strengthen the sector’s economic contribution.

With the upcoming budget holding critical importance for the industry’s recovery post-pandemic, TAAI expressed optimism that the government would consider their recommendations seriously. The association remains hopeful that the budgetary allocations and policy reforms will align with the sector’s long-term goals of sustainability and competitiveness on the global stage.

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