 "Media, entertainment industry to gain from tax set-off")
The passage of the Constitution Amendment Bill by the Rajya Sabha for introduction of the goods and services tax (GST) is expected to have a positive impact on the media and entertainment sector. Players in the direct-to-home, multiplex/film and content production business hope to reap the benefits of the reform, though the print media and regional films may have to face some negative impact.
Currently, film exhibitors, multiplexes and single screens are subjected to entertainment taxes imposed at the retail level, which are not fungible against any taxes like service tax on rentals and value added tax (VAT) on goods.
