The Union Budget for FY 2009-10 presented by Finance Minister, Pranab Mukherjee has once again garnered lukewarm responses from the hospitality and tourism sectors. While the budget remains focussed towards the interest of the masses, corporate entities have been relieved from the clutches of Fringe Benefit Tax (FBT). Hoteliers have unanimously welcomed this move.
According to Rajindera Kumar, Vice President, Federation of Hotel & Restaurant Associations of India, “The abolishment of FBT will be a relief to all corporates, however, for hotels per say, this will amount to a slight relief. The hotel industry expected a lot more from this budget but this move will definitely cheer the trade members.” Elaborating on this issue further, S P Jain, Chairman, Pride Group of Hotels, said, “The hotel industry appreciates the removal of FBT. The official 'paperwork' involved was a cumbersome process.” |