Anil Kumar Prasanna, CEO, AxisRooms, shares his budget expectations.
For Hospitality Industry there has been a great relief from GST which is still higher compared to the tourism economy countries but it is still a breather from some cuts provided. B2B business are struggling on GST payments, as most money has to be paid from 20 days of invoice, though some enterprise customers have delayed payment cycles from minimum 30 days extending to 180 days. Hence, technically lot of business are funding through their personal savings, loans to pay the GST and awaiting their invoices to be cleared by customers. It would be great help if this can be deducted more like income tax from the payees especially in B2B segment, where delayed payment cycles are seen, this would ease the cash flow to the economy or some liability policy for the delay in invoice payments for merchants selling services or goods would be a great leverage for the economy. For Travel & Hospitality Industry, we need to take some cue from Thailand as their currency is the most robust compared to all Asian currency for 2019 due to the policy worked upon many years to bring in revenue from tourism and hospitality sector, infact it appreciated their local currency by 6% against the USD.
