The Uttarakhand government has issued five-year luxury tax exemptions on old buildings which are to be converted into hotels with an investment equal to 50% of the current property value. The State Government currently levies a 5% luxury tax on room rents for all hotels in the state.”In places like Mussoorie and Nainital, there are several buildings which belong to the colonial era. In case the owners intend to convert them into hotels, we are providing them a good opportunity,” a government official told the Business Standard.A five-year luxury tax exemption is also being made available to new build tourism units with a minimum of 25% investment of the current market value of the property.While this is good news for some hoteliers in the state, the government has simultaneously upped tax on existing properties. Hotels charging over INR3,500 per room will now have to pay a 10% luxury tax on revenues from that unit. “Keeping in view our endeavour to increase the state’s revenue through various taxes, we are now planning to impose fresh luxury tax on all hotels which charge room rent of more than INR3,500 per day,” said the official.
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