The Indian film industry has a reason to celebrate as Finance Minister Pranab Mukherjee announced the exemption of service tax on copyrights relating to recording of cinematographic films in the new Budget 2012-13
Pranab Mukherjee gave the much needed relief to the film industry by accepting its long pending demand of giving service tax exemption on copyrights relating to recording of cinematographic films.
"Despite the change in titles from Dada Saheb Phalke's Raja 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.
The Film Producers Guild called off its proposed nationwide strike after Mukherjee's announcement. The exemption will improve the overall cash flows and finances of the film industry.
Mukesh Bhatt, Vice-President, Film Producers Guild said, "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"
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