Govt should consider lowering TCS: Report
NEW DELHI: The government should consider lowering TCS on overseas tour packages and allow foreign cruise vessels to operate on Indian waters besides other steps to increase outbound tourism, a report said on Sunday. The report titled "Unlock the Potential: A Look into Outbound Tourism", drafted by Nangia Andersen LLP in collaboration with FICCI said that India's outbound tourism market is projected to rise by 11.4 per cent CAGR between 2023 and 2032. The growth in the Indian travel and tourism industry is driven by a combination of rising income levels and changing lifestyles, development of diverse tourism offerings and policy and regulatory support by the government authorities, it added. The report suggested a few measures that the government may implement to support this expanding sector, including rolling back TCS (Tax Collected at Source), enhancing opportunities for partnership with foreign countries, collaboration with airlines, and allowing foreign cruise vessels to operate on Indian waters.