Budget 2025 For Tourism Sector: Mudra Loans For Homestays And Development Of Top 50 Tourist Destinations Top Highlights

In the Tourism sector, Top 50 tourist destination sites in India will be developed in partnership with states through a challenge mode. the following measures will be taken for facilitating employment-led growth:

Organizing intensive skill-development programmes for our youth including in Institutes of Hospitality Management.

Providing MUDRA loans for homestays

Providing performance-linked incen ves to states for effective management including tourist ameni es, cleanliness, and marketing efforts. Introducing streamlined e-visa facilities.

• To help MSMEs achieve higher efficiencies of scale, technological upgrade on and access to capital, the investment and turnover limits for classifica on of all
MSMEs will be enhanced to 2.5 and 2 mes respectively.

This will give them the confidence to grow and generate employment for our youth.

• ‘Export Promo on Mission’ to be set up which will be driven jointly by the Ministries of Commerce, MSME, and Finance. It will facilitate easy access to export credit, cross border factoring support, and support to MSMEs.

• The revamped Central KYC Registry will be rolled out in 2025 for simplifying KYC process. We will also implement a streamlined system for periodic upda ng of KYC.

• Presently, the Customs Act, 1962 does not provide any me limit to finalize Provisional Assessments leading to uncertainty and cost to trade. As a measure of promoting ease of doing business, Govt has fixed a me-limit of two years, extendable by a year, for
finalising the provisional assessment.

• To provide relief to pa ents, par cularly those suffering from cancer, rare diseases and other severe chronic diseases, Govt has proposed to add 36 lifesaving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty (BCD).

The Government also proposed to add 6 lifesaving medicines to the list a racing concessional customs duty of 5%. Full exemp on and concessional duty will also respectively apply on the bulk drugs for manufacture of the above.

• New Income Tax Bill to be introduced in the Budget session. The New Income Tax Bill will be clearer and will have around 50% lesser text compared to the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administraon, leading to tax certainty and reduced li ga on.