Hospitality industry’s budget 2024 wish list

Revision in GST on raw materials, investment in technologies

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Budget
Representational image of bar chart on financial report. Photo IStock

As the Indian government presents the interim budget on 1 February, representatives from the hospitality world and F&B industry have put forward their wish list, which includes a  revision in GST on raw materials, investment in cutting-edge technologies, etc.

Simranjeet Singh, director, CYK Hospitalities, says restaurateurs anticipate a pre-budget focus on vital aspects affecting the industry.

“The current high GST on raw materials poses challenges, limiting the benefits derived. We hope for a revision to make it more conducive for growth. The cumbersome process of obtaining licenses for bars and restaurants requires streamlining, fostering a business-friendly environment. Additionally, the restoration of the Input Tax Credit (ITC) system would be a significant step in supporting the sustainability and prosperity of the restaurant sector. We look forward to measures that promote ease of doing business and contribute to the industry’s overall development.”

On the other hand, Dawn Thomas, co-founder, VRO Hospitality, says with demand all-time high in hospitality, they are expecting a transformative year ahead.

“The upcoming budget holds the key to unlocking innovation and progress. As pioneers in these industries, we approach the budget with optimism, anticipating policies that encourage investment in cutting-edge technologies to enhance guest experiences in our sector and elevate healthcare services. We seek a budget that fosters a collaborative ecosystem, providing support for startups to flourish and contribute meaningfully to the growth of this sectors. A forward-looking budget will not only fuel innovation but also create a resilient foundation for the future of hospitality in our nation.”

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