![OYO founder Ritesh Agarwal hopes for the removal of 12% GST on hotel rooms in Budget 2023](https://img.etimg.com/thumb/msid-97458115,width-300,height-225,imgsize-7830,resizemode-75/oyo-founder-ritesh-agarwal-hopes-for-the-removal-of-12-gst-on-hotel-rooms-in-budget-2023.jpg)
OYO Founder & CEO Ritesh Agarwal shared his hopes for the Union Budget 2023, stating that the Goods & Service Tax (GST) on hotel room rates should be decreased.
On July 18 of last year, the GST Council made the decision to impose 12% GST on hotel rooms costing less than Rs 1000. Before, the direct tax structure did not apply to such inexpensive hotel rooms. The decision caused huge dissatisfaction in the hotel industry.
Several major industry players expressed their disappointment by claiming that it would hinder the sector's rehabilitation, which was still trying to recover from the aftereffects of the COVID-19 outbreak.
Ritesh Agarwal said that 12% GST on rooms under Rs 1000 makes accommodation inaccessible for those on a budget. He added that small hoteliers are most affected by the 12% GST. He appealed to the authorities to get rid of the tax in order to help the tourism and hospitality sectors.
The country's major hotel chain, OYO Rooms, has operations in more than 800 locations in 80 nations. From low-cost hotels to opulent villas, OYO provides affordable lodging alternatives.
According to HDFC Securities, India's hotel industry has seen a strong recovery in demand following the pandemic. It was driven by rising discretionary spending on tours and travel, retribution tourism, an improving economic environment supporting corporate travel, and a resurgence of the mega-wedding season and other cultural events.
Meanwhile, the Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on February 1 at 11 a.m.
On July 18 of last year, the GST Council made the decision to impose 12% GST on hotel rooms costing less than Rs 1000. Before, the direct tax structure did not apply to such inexpensive hotel rooms. The decision caused huge dissatisfaction in the hotel industry.
Several major industry players expressed their disappointment by claiming that it would hinder the sector's rehabilitation, which was still trying to recover from the aftereffects of the COVID-19 outbreak.
Ritesh Agarwal said that 12% GST on rooms under Rs 1000 makes accommodation inaccessible for those on a budget. He added that small hoteliers are most affected by the 12% GST. He appealed to the authorities to get rid of the tax in order to help the tourism and hospitality sectors.
The country's major hotel chain, OYO Rooms, has operations in more than 800 locations in 80 nations. From low-cost hotels to opulent villas, OYO provides affordable lodging alternatives.
According to HDFC Securities, India's hotel industry has seen a strong recovery in demand following the pandemic. It was driven by rising discretionary spending on tours and travel, retribution tourism, an improving economic environment supporting corporate travel, and a resurgence of the mega-wedding season and other cultural events.
Meanwhile, the Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on February 1 at 11 a.m.
FAQs:
- What is the age of Ritesh Agarwal?
Ritesh Agarwal is currently 29 years old. - What is the net worth of Ritesh Agarwal?
As of 2020, Ritesh Agarwal's net worth is estimated to be around Rs. 7253 crore.
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