Begin typing your search above and press return to search.
Heroine's Husband faults Jaitley's Proposal
By: Tupaki Desk | 21 May 2017 1:55 PM GMT
Finance Minister Arun Jaitley proposed 28% Tax on Cinema to replace existing Entertainment Tax & Service Tax. The Film and Television Producers Guild of India expressed shock over the high tax on the Industry with just 5% success rate.
Producers Guild President Siddharth Roy Kapur (Vidya Balan's Husband) opined 28% GST on Movie Tickets is a huge blow to Film Industry. 'In our representation given to Government, We sought 5% GST so that Industry could be revived overcoming threats such as piracy. On an average, Entertainment Tax collected by Centre is around 8 to 10 of Gross Box Office Collections. So, GST can't exceed 12%. To our dismay, Centre proposed highest tax rate of 28% on par with betting and gambling industries,' he complains.
Mr.Siddharth pointed out Exhibition Sector was exempted from Service Tax and State VAT under the existing model. 'States and Local Bodies used to collect only Entertainment Tax until now. But now, States and Local Bodies were permitted to impose the Entertainment Tax even after introduction of 28% of GST rate,' says the Producer.
Producers Guild President Siddharth Roy Kapur (Vidya Balan's Husband) opined 28% GST on Movie Tickets is a huge blow to Film Industry. 'In our representation given to Government, We sought 5% GST so that Industry could be revived overcoming threats such as piracy. On an average, Entertainment Tax collected by Centre is around 8 to 10 of Gross Box Office Collections. So, GST can't exceed 12%. To our dismay, Centre proposed highest tax rate of 28% on par with betting and gambling industries,' he complains.
Mr.Siddharth pointed out Exhibition Sector was exempted from Service Tax and State VAT under the existing model. 'States and Local Bodies used to collect only Entertainment Tax until now. But now, States and Local Bodies were permitted to impose the Entertainment Tax even after introduction of 28% of GST rate,' says the Producer.
