Union Budget doesn’t fully meet high expectations set by previous promises: PP Khanna

Giving his reaction to the Union Budget announced today, PP Khanna, President, ADTOI, said, “The budget was expected to be a comprehensive roadmap for the next five years but appears to lack substantial long-term strategies. Specific sectors, such as tourism, received attention, but the initiatives may seem insufficient in scope.”

Commenting further, he said, “The government has implemented GST, which has reduced the compliance burden on trade and industry by unifying the highly fragmented indirect tax regime in India. The tax base of GST has more than doubled, and the average monthly gross GST collection has almost doubled to ₹1.66 lakh crore. On the other hand, no specific information on TCS in the tourism industry is available. The tourism industry has been impacted by the introduction of GST and TCS, with some tour operators and travel agencies facing challenges in complying with the new tax regime. However, the government has taken steps to simplify the tax process and reduce the compliance burden on businesses. The general sentiment is that the budget does not fully meet the high expectations set by previous promises.”