[ad_1]
Aviation Industry Budget 2023 Expectations: Finance Minister Nirmala Sitharaman is going to present the general budget in February. Parliament will present its budget in the Parliament for the financial year 2023-24. The government of every sector has expectations before the budget. The name of the sector we are going to talk about today is Aviation Sector. The aviation sector has suffered huge losses in the last two years due to the Corona epidemic, but the results of the December quarter have brought a sigh of relief to the aviation sector. In such a situation, this industry hopes that the government will give them the relief of tax exemption in the financial year 2023-24. This will reduce the maintenance cost of airports and airlines.
jet fuel is getting costlier
Let us tell you that in the recent past, there has been a rapid increase in the fares of the aircraft. The price of jet fuel has registered an increase of 35 to 40 percent, which has a very bad effect on the aviation industry. In such a situation, this sector hopes that the government will reduce the Central Excise Duty on jet fuel in this budget. At present, the government is charging 11 percent excise duty on jet fuel, which is being demanded to be increased from 4 to 5 percent. Reduction in excise duty will make a difference in airfares and the aviation industry will get its direct benefit.
There is a demand for zero excise duty.
Along with this, there is a demand from some people associated with the aviation sector that the government should not levy excise duty on jet fuel. Capt. Simran Singh Tiwana, chief executive of regional carrier Star Air, while presenting his stand in this matter, has said that the GST Council will give this exemption to the airline companies. Let the economy class from which he collects 5% GST be converted into government credit. Along with this, there is a demand from the people associated with aviation that the government should also make changes in the income tax system because due to the Income Tax Act, 1961, the taxes paid by the customers get deposited with the government. After this, the cash flow stops for months or sometimes years as these refunds remain stuck with the government. In such a situation, there is a demand from the people associated with the aviation sector that there should be a change in this system and tax refunds should be generated on time.
Demand for cut in MAT
Along with the reduction in excise duty, there is a demand from the people associated with the aviation sector that the government should give a waiver of at least two years on the Minimum Alternative Tax (MAT) levied in the airport and aviation sector. Along with this, the people of the industry have demanded in front of the government that if MAT cannot be cut completely, then the government should reduce it from 17.47 percent to 5 percent. This will lead to a big reduction in the cost of the airport.
read this also-
The person who came with a business idea in Shark Tank India did not get funding, yet luck shines!
[ad_2]
Source link