- ICC reg. the Press Conference
Indian Chamber of Commerce or ICC is commonly known as one of the important forward looking National Chambers of Commerce in the Country, established in 1925 with offices and membership spanning across the country.
New Delhi : ICC is addressing issues of national importance while coordinating actively with both Central Government in New Delhi and other State Government across India. Its membership spans across some of the most noted industry groups in the country.
ICC presently led by Mr. Mehul Mohanka of Tega Industries as its President ably supported by our Senior Vice President, Mr. Ameya Prabhu representing the Financial Services sector and Mr. Abhyuday Jindal as Vice President from Jindal Steels.
ICC has a strong presence in the Tourism sector with a very active National Tourism Expert Committee and Tourism initiatives jointly organized with Ministry of Tourism and other Tourism departments.
Following are our reactions on the Budget:-
- We were hoping that the allocation for Overseas Tourism promotion and Publicity including Market Development Assistance (MDA) will be increased from 341 crores but instead of that it has been reduced to 167 crores. This will have an adverse impact on tourism promotion.
- We were also hoping that there will be an exemption on GST and other taxes based on foreign exchange earnings. Nothing in this regard has happened.
- It was expected that the Finance Minister will announce refund of GST/VAT for tourists in their shopping like Singapore, UK where tourists are refunded their taxes at the airport, but no announcement in this regard has been made.
- We are greatly disappointed that the TCS (Tax Collected at Source) has been increased from 5% to 20% on outbound luxury package tours. This will affect the people who travel abroad for holidays very badly as the cost will become very high, almost prohibitive, as it is the airfare have become very expensive and this tax will make their budget go array. This may perhaps force people to request their friends and relatives abroad to book hotels & packages for them overseas directly, thus depriving an Indian Tour Operators and Travel Agents of their earnings.
- SEIS – Services Export from India scheme should be reintroduced in view of the decline in services export, this scheme will really help in reviving the Tourism and other Services Export from the country.