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Tax Rates for Goods and Service Tax (GST) Regime is being fixed by the Council headed by Union Finance Minister Arun Jaitley during the ongoing 14th Meeting. The GST Tax Rates will come into effect from July 1st this year.
Much to the shock of Indian Film Industry, Finance Minister declares Cinema will be levied 28% tax as a replacement of Entertainment Tax. He didn't even assured different tax rates for Bollywood & Regional Films. While Hindi Cinema will get benefitted by GST, Regional markets such as Telugu, Tamil, Marathi & Kannada will be badly affected.
Tamil Producers Council urged Centre to offer GST Exemption for Films which received 'U' Certificate from Censor Board. The Film Body even appealed GST Council not to levy same tax for Bollywood & Regional Films.
While concerns have been expressed by the Industry Folks, Arun Jaitley claims there are hardly any areas where Tax Rates have been hiked.