Gujarat's new tourism policy offers series of tax relaxations to boost entrepreneurship in tourism sector
Updated: Sep 28, 2015 01:38:06pm
Ahmedabad, Sept 28 (KNN) The Gujarat Government on Sunday announced a new tourism policy for 2015-2020 with an objective to make the state one amongst the top five tourist states of India in terms of local, national and international tourist footfalls by 2025.
On the occasion of World Tourism Day, state tourism minister Saurabh Patel announced the government's decision to grant an ‘industry’ status to the tourism sector for the first time.
In order to boost entrepreneurship in tourism sector and make it attractive for investments, a series of tax relaxations were also announced. These include 100 per cent reimbursement on stamp duty, and exemption for luxury tax, entertainment tax and electricity duty, including several capital subsidies for new infrastructure and expansion of built up tourism units in the policy.
An investment of over Rs 50 crores for tourism units will get a subsidy of 15 per cent with a upper limit of Rs 10 crores was announced.
According to the Economic Impact, 2015 data of the World Travel and Tourism Council, the total estimated investment that will flow into the state by 2025 will be USD 4 billion USD (Rs 26,000 crores), with an employment generation of 3 million people and 5 per cent contribution to GDP.
The government also aimed to attract the MICE segment, by creating convention/exhibition facility and support infrastructure and leverage innovative forms of tourism such as adventure, cruise, event-based, inland waterways, medical and others. (KNN Bureau)
On the occasion of World Tourism Day, state tourism minister Saurabh Patel announced the government's decision to grant an ‘industry’ status to the tourism sector for the first time.
In order to boost entrepreneurship in tourism sector and make it attractive for investments, a series of tax relaxations were also announced. These include 100 per cent reimbursement on stamp duty, and exemption for luxury tax, entertainment tax and electricity duty, including several capital subsidies for new infrastructure and expansion of built up tourism units in the policy.
An investment of over Rs 50 crores for tourism units will get a subsidy of 15 per cent with a upper limit of Rs 10 crores was announced.
According to the Economic Impact, 2015 data of the World Travel and Tourism Council, the total estimated investment that will flow into the state by 2025 will be USD 4 billion USD (Rs 26,000 crores), with an employment generation of 3 million people and 5 per cent contribution to GDP.
The government also aimed to attract the MICE segment, by creating convention/exhibition facility and support infrastructure and leverage innovative forms of tourism such as adventure, cruise, event-based, inland waterways, medical and others. (KNN Bureau)
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