By IANS,
New Delhi : A tax holiday granted to the hotel industry has been extended by three months to speed up the completion of the Commonwealth Games hotel projects that had slowed down due to the global economic recession.
“To encourage the growth of new hotels coming up for the Commonwealth Games, the ministry of finance in the recently announced union general budget has extended the Five Year Tax Holiday available to 2, 3 and 4-star category hotels and convention centers in and around Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar in Noida and Ghaziabad from March 31, 2010 to July 31, 2010,” a tourism ministry statement said Thursday.
“This financial incentive was earlier available during the period April 1, 2007 to March 31, 2010. This incentive has been extended by the government to encourage the completion of the Commonwealth Games hotel projects which had slowed down due to the overall global economic recession,” it added.
Tourism minister Kumari Selja said: “The announcement of the government during the budget speech has created an economic environment which is conducive for the growth of the tourism and hospitality sector in the country.”