Bollywood gets tax exemption in new budget
Producers will now have more money to make crappy movies? Yup.
Indian finance minister Pranab Mukherjee has announced tax exemption on copyrights relating to recording of cinematographic films in the new budget for this year. This means that producers will not have to pay tax on copyrighting their movies and owning them.
“Despite the change in titles from Dada Saheb Phalke’sRaja Harishchandra to Ra.One in recent times, the industry has played a pivotal role in unifying our country in the wake of her considerable diversity. To add to this spirit of celebration, I propose to exempt the industry from service tax on copyrights relating to recording of cinematographic films,” Pranab Mukherjee announced.
Following this, The Film Producers Guild had called off their strike that demanded such an action to be taken.
“The film industry is very much happy with the exemption in service tax. It was gracious of them to consider our demand. We are grateful to them and we have called off our strike”, said the omnipresent Mukesh Bhatt, vice resident of the Film Producers Guild.
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