Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news
 Income tax filing: Waiting for your Form 16? Here is what you need to know
 Salaried? Rental tax calculation rules you should know before ITR filing in 2023
 What are new tax regime's slabs? Know its limits, benefits, and more
 How much additional tax do you need to pay? ITR filing last date for FY 2019-20
 Income Tax Return Filing: How to file ITR - step-by-step guide
 New Income Tax Slabs for Super Senior Citizens 2023-24: Which rate will apply for ITR now?
 Income Tax Return filing 2023 data: How many Indians aged 18-35 years file ITR?
 Make tax-saving a part of your overall investment plan
 Filing ITR? Maximize Your Tax Savings With These 7 Allowance Benefits
 Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic

As Govt. plans to impose GST, Film industry cries foul
December, 02nd 2010

Dark days are ahead for Bollywood and Tollywood what with a proposal by the Centre to impose goods and services tax (GST) on films that will cripple the industry.

"This is a very serious issue. If Parliament clears it, no filmmaker can end up making money," leading Bollywood producer Yash Chopra said even as other filmmakers nodded in agreement.

Chopra was speaking at the 'Media and Entertainment Business Conclave-Frames 2010' organised by Ficci in Hyderabad.

"The very future of the film industry appears to be bleak. The proposed amendments if made into law will have a crippling effect. Apex chambers of commerce like Ficci should take up the cause of the film industry," Yash Chopra said.

Tollywood producer Allu Aravind, while agreeing with Chopra, also pointed out additional problems. " Industrial Development Bank of India (IDBI) has suddenly stopped giving loans to corporate entities for making films. For the last few years, IDBI had been funding film production, but has now stopped it.

This is because of the reneging of loans by some. Why should the entire industry be punished for this," he asked. He also spoke about how cumbersome the VAT was. He said VAT was to be paid even when the processed film was going out of the laboratory.

Media baron Ramoji Rao said that there was no doubt that the film industry was being given a 'step-motherly treatment' by the government. "The taxation system is punitive. Even the concessions that they give to some low budget films have riders," Rao said. However, he said he was an 'optimist' and saw a bright future for the industry and exuded confidence that it could survive provided it adapted to circumstances. He proposed that there should be 'smaller and smarter' cinema theatres in every locality to make cinema more accessible to people. "What is all the more important is that films should have the right content," he said.

Film producer D Suresh Babu spoke of taxation issues affecting the film industry.

The 'young turks' of the Telugu film industry, as they called themselves, said there was a bright future for the industry.

A panel comprising actors Sumanth, Allu Arjun, Vishnu Manchu, Laxmi Manchu and Tapasee said that while adoption of new technology would take the film industry places, what was more important was that actors and technicians should get trained before entering the film industry.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting