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Our Bureau

Kolkata March, 2

Describing the 2007-08 Union Budget presented by Finance Minister Mr P. Chidambaram as a "balanced budget from a long term growth perspective," Mr S.S. Mukherjee, Managing Director of EIH Ltd (The Oberoi Group of Hotels) told Business Line here on Wednesday that the proposed 5-year tax holiday for two, three or four star hotels and convention centres with seating capacity of not less than 3,000 for projects in Delhi, Faridabad, Gurgaon, Ghaziabad or Gautam Budh Nagar between April 1, 2007 and March 31, 2010) should have been for hotel projects all over the country.

He felt extension of such tax benefits for new hotel projects nationally, combined with the proposed increase in allocation for building tourist infrastructure to Rs 520 crore from Rs 423 crore was the need of the hour for both job creation and more hotel rooms. In the short term, there were quite a few disappointing features as well, which needed a re-look, he added. He particularly cited the hike in dividend distribution tax from 12.5 per cent to 15 per cent and FBT on ESOP as harsh measures.

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