TAFI plans symposium in Mumbai
TAFI is planning a day-long symposium in Mumbai in February which will focus on issues like e-visas for India, visa challenges for outbound, GST, etc.
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The Travel Agents Federation of India (TAFI) is planning a day-long symposium in Mumbai in the third or fourth week of February 2017. The symposium will focus on issues like e-visas for inbound traffic, visa challenges for outbound traffic from India, GST and other topics that the Union Budget will touch upon.
Sharing more details, Pradip Lulla, Vice President, TAFI, said, “We will get experts to address our members who will be not from Mumbai but also from Pune and surrounding areas. We will also invite stakeholders like airlines
QWhat will the next edition of IAAPI Amusement Expo hope to achieve?
The forthcoming IAAPI Amusement Expo will showcase new rides and attractions manufactured by leading ride manufacturers from around the globe. This year the expo is spread across 10,000 sqm with participation of over 120+ exhibitors from 21 countries like Bulgaria, Canada, China, France, Germany, Hong Kong, Italy, Malaysia, the Philippines, the UAE, the UK and USA along with India.
This year’s expo will help Indian park operators source high-quality precision rides. As our industry is highly seasonal in nature, new attractions will help to increase footfalls. This show will also help Indian park and consulates. Topics are yet to be firmed up.” The association will at a later stage start a discussion on GST. “We have taken opinion from two to three big consultants and we have also formulated a white paper on it which we have presented to the Ministry through FAITH. Once it is implemented, we will have workshops for our members with the concerned authorities where people can ask their questions,” Lulla added.
The Managing Committee of TAFI has also been scouting for a venue for its next convention that is likely to be held in August-September of 2017. Lulla adds, “We have operators to explore possibility of joint venture in setting up operation of parks/FECs in India and overseas and for manufacturers to get into technical tie-ups.
QHow tax industry?
Implementation of service tax in the Union Budget 2015-16 effective from June 1, 2015 is having a cascading has service impacted the visited a few destinations for a recce including Rwanda and recently Russia and continue to consider other places as well since we need to look into the logistics part of it. We hope to finalise the destination by February 2017.” effect on the industry. The State Government is already charging entertainment tax and in addition to the state levy, the amusement sector had to take the burden of service tax of 15 per cent and unlike any other sector the input credit available to set off the service tax paid is negligible. Hence, our industry ends up paying a substantial amount of tax which leads to dual taxation.
QHow is this affecting the industry? The high rate of taxation is dissuading new entrepreneurs from entering the industry with new formats and also preventing current industry players from adding both Capex and new centres. Entrepreneurs, thus, are seeking to explore other investment avenues. Globally, in markets where GST has been introduced, the tourism rate is half
Lulla joins many of his industry peers in expressing his disappointment with the Budget. “There is nothing positive for the travel industry in the budget with the exception of proposed 5 tourism zones in the country. In fact the Jan 22 amendment to the increased 9 per cent CENVET service tax charged on tour packages and hotels will kill the outbound tour industry as this will inflate the tour packages and no CENVAT adjustment,” he says. Lulla did appreciate the direct reduction in income taxes. “The reduction in taxes on individual and companies will indirectly boost disposable income and help tourism,” he adds. of the GST rate and is under 10 per cent. Everyone recognises it as critical.
QWhat incentives expecting?
The Indian amusement industry has an annual revenue of approx. ` 17 billion and estimated to grow to at least ` 40 billion by 2020 growing at 17.5 per cent CAGR with capital investing of about ` 7,770 crore. An aggregate of 480 amusement parks, FECs and allied industries generate around 80,000 employment. With a capital investment of this magnitude, our industry generates a higher employment base as compared to other industries like manufacturing, pharmaceuticals etc. With the right support, with a lower capex spend, higher employment can be generated by us. investment is IAAPI