Coming to sector-specific changes, the travel and tourism sector represents a vital economic driver, according to industry experts. According to a recent report, the tourism sector is projected to contribute $250 billion to the country’s GDP by 2030, generating employment for 137 million individuals. GST input creditTravel and tourism experts also believe that the goods and services tax (GST) input credit facility should begin for inbound and domestic tourism. Inbound tourism inbound tourism means visits to a country by visitors who are not residents of that country. Inbound tourism is often seasonal, meaning that many destinations will have evident peak, shoulder and low seasons.

Source: Mint January 24, 2024 14:51 UTC