HRAWI had organised a lecture on the implication of union budget on hospitality industry at The Ambassador hotel in Mumbai on July 17, 2014. The lecture was attended by HRAWI members and was conducted by Anil Harish, Advocate and Tax Specialist, D M Harish Co Advocates.
During the lecture, Harish said, “Most hoteliers are petrified of the word tax. There is no need to escape tax or be scared of tax. If tax planning is properly done no one will feel the pinch. In this union budget the government mainly focused on tourism and infrastructure development, which will indirectly benefit the hospitality industry. There is a lot of scope for growth but many of the policies need rework or changes.”
He also mentioned that GST will streamine taxation and the other initiatives as the development of 100 small cities, e-visa procedure, infrastructure lending, REIT structure, will indirectly benefit the hotel industry in the long run. The government will soon be setting up e-biz platform to create business and investment friendly ecosystem.
He also informed the attendees that the government has altered the structure of and hierarchy of Income tax officials recently. There now will be Principal Chief Commissioner and Principal Commissioner in addition to Chief Commissioner and Commissioner. Their duties and tasks are currently been worked upon.
Harish concluded his lecture by stating an example of Singapore Tourism board. He said, “Once the hotel is ready all the approvals and official formalities needed for hotels functioning can be acquired within three weeks. There is no red tapism or unnecessary delay. We should keep them as a role model.”
Dinesh Advani, President, HRAWI said, “We regularly organise conferences and seminars to help and educate hoteliers. We have had a long standing association with Anil Harish. This lecture was organised simplify budget and taxation terminologies for hoteliers and make them aware of the new proposals and benefits. Many hoteliers had big expectations from the union budget and were left disappointed. There is still hope though.”
HRAWI organises lecture on "Implications of Union Budget on hospitality industry"