Healthcare calls for reduced GST
Chandra Ganjoo, Group CEO, Trivitron Healthcare, outlined the healthcare sector’s expectations.
“Enhanced support for local manufacturers through reduced GST rates and addressing the inverted duty structure are key. Simplified import-export procedures and increased R&D incentives can position India as a global hub for medical devices,” he said.
These measures, coupled with reduced GST rates on healthcare equipment and devices, can encourage innovation and make essential medical services more affordable.
Zero GST for tourism to boost hospitality
The hospitality industry urges the government to provide GST relief for foreign guests to make India a global tourism hub.
Tarun Gulati, Director at Himalayan Hotels, stated, “The hospitality industry should be supported by allowing Indian hotels to charge zero GST or receive a GST refund for foreign guests, similar to benefits given to Indian software companies on exported services. This will enhance competitiveness and foster more inbound tourism.”
He emphasised that investment in infrastructure, especially in remote tourist destinations, and a focus on sustainable tourism can significantly expand India’s tourism economy, envisioning a $3 trillion industry by 2047.
GST relief to boost flexible workspaces
Sanjay Chatrath, Co-founder and Managing Partner, Incuspaze, pointed out the rising demand for coworking spaces.
He remarked, “We anticipate a reduction in the GST rate from 18%, which will help MSMEs and startups thrive.”
Input tax credits for energy-efficient practices and infrastructure investments to develop Grade A buildings are also anticipated to fuel the sector’s growth.
Real estate seeks rationalised GST
The real estate sector, a key contributor to the economy, is keenly awaiting GST reforms.
Pushpamitra Das, Founder & Director, JUSTO, noted, “Potential GST rationalization for under-construction properties in the commercial and residential segments can boost demand.”
Abhishek Tharwani, Director, Tharwani Realty, added, “Reduced GST on construction materials and streamlined approval processes will significantly impact demand in Tier 2 and 3 cities, turning them into engines of economic growth.”
Insurance sector awaits GST cuts on premiums
The insurance sector hopes for a reduction in GST on premiums from 18% to 5%, making insurance more affordable.
Aftab Chaz, Associate Director at Elephant.in, said, “Such reductions, coupled with reforms in FDI and technology adoption, can align with the government’s vision of ‘Insurance for All’ by 2047.”
