Question

Difference between informal sector and formal sector in tourism

Answer 1

The major difference between formaland informal sector in tourism or as in any other industry is that the formal sector pays tax while an informal sector does not pay tax. ... A registered restaurant that encompasses all jobs with normal hours, pays regular wages and pays tax properly is part of aformal sector.

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Answer 2

❛Answer ❜

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Formal sector ↓

✍︎ Supervised by R.B.I

✍︎ Fixed + Low interest Rate

✍︎ e.g. Banks

Informal sector ↓

✍︎ No organisation supervises these credit activities

✍︎ High + no fix interest Rate

✍︎ e.g. Friends, traders, moneylenders, etc.

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