FAITH urges setting up of transition fund for tourism assistance

Published on : Saturday, December 5, 2020

Federation of Associations on Indian Tourism & Hospitality (FAITH), the joint body of 10 travel trade and trade and hospitality industry associations in India, has urged the Ministry of Finance once again to set up a bridge/transition fund for assisting the tourism sector, which is in deep financial stress as a result of COVID-19 pandemic.


FAITH said that such a fund can facilitate tourism, travel and hospitality companies to draw down on a direct benefit transfer basis on an interest-free basis which can be used for salaries and for meeting operating costs till the vaccine comes into effect.


This shortcoming in the tourism enterprises may be adjustable for over 5 years against their GST & income tax liabilities, said FAITH.


Since rolling out of vaccination sounds hopeful and in progress, it is important that the government supports businesses so that they survive the transition period, said FAITH.


This tourism industry contributes approximately 10% to the employable workforce of India.


(No Like Yet)

Related Posts

Tags:

Comments are closed.

arrow2Follow TTW
 
facebook-logo  twitter-logo  LinkedIn_logo  rss_logo 
ttw_blogger_logo  ttw_blogger_logo

ADVERTISEMENT

  • 03 ITB Asia 2021
  • 13 aaaexpos 21
  • 15 MENA 2021
  • 17 ATM21
  • 17 The-Hotel-Show21
  • 18 globalwellnesssummit  21
  • 30 PATA

TRAVEL INDUSTRY EVENTS

    1. BIT – INTERNATIONAL TOURISM EXCHANGE 2021

      May 9 - May 11
    2. TOUREST 2021

      May 14 - May 15
    3. Arabian Travel Market

      May 16 - May 19
    4. ARABIAN TRAVEL MARKET 2021

      May 16 - May 19
    5. FITUR 2021

      May 19 - May 23
Get our toolbar!
Review www.travelandtourworld.com on alexa.com