FAITH holds meeting with Ministry of Commerce; discusses way out

FAITH had an urgent meeting with Ministry of Commerce to discuss measures on tourism exports. These include rating the SEIS @10% and crediting it immediately on the basis of previous financial year, deemed export status , SEIS on gross forex earnings, zero rating of tourism exports and GST refunds to tourists, strategic focus on MICE sector, EPCG on tourist vehicles and relaxing export obligations among others. Most of the tourism enterprises support  their infrastructure (hard & soft) by managing different tourist seasons. As all global source markets are hit, it will be domestic business of India  which will keep India tourism businesses  running. Thus, FAITH also has requested the Ministry of Commerce to request Piyush Goyal, who is both, the Commerce and the Industries Minister to take up the request for the survival support for the whole tourism travel & hospitality industry with the PM.

These include deferment of all statutory liabilities, setting up a COVID 19 Tourism relief fund for interest free 10 year working capital loan for salaries & establishment costs , increase of banking moratorium period to 12 months without any interest for or for direct benefit transfer to affected employees and a national legislative tourism  task force of central and state governments.

Faith has also requested ESI funds to be used for compensating employees as ‘stay at home’ is a forced and mandatory curative medical need to fight the virus. They have also requested PF coverage of all tourism travel & hospitality employees as under the PM Rozgar Pradhan Yojana.  Faith has also shared examples from the US & UK, Thailand and Indonesia where salary support, taxes exemption and stimulation of domestic travel is being extended by governments for tourism, travel & hospitality.

FAITH & its board of directors are deeply thankful to Ministry of Commerce for their support to the Indian  tourism, travel & hospitality industry.