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Press Information Bureau
Government of India
Ministry of Finance
16-March-2012 13:59 IST
Service Tax Exempted on Copyrights Relating to Recording of Cinematographic Films
There is something to cheer about for the film industry in the Union Budget 2012-13. While presenting the Union Budget 2012-13 in LokSabha today, the Finance Minister ShriPranab Mukherjee said that the year 2012 marked the beginning of the Centenary year of Indian Cinema. To add to the spirit of the celebration, he proposed to exempt the industry from Service Tax on copyrights relating to recording of cinematographic films.
DSM/MG/RS/10
Service tax exemption on copyrights for recording cinematographic films announced, relieving the film industry from taxation. A fiscal measure grants a service tax exemption for transactions involving copyrights relating to recording of cinematographic films, directed at the film industry and removing service tax liability on fees attributable to copyrights created in the course of recording cinematic works, thus excluding such copyright-related services from the service tax net as a budgetary proposal. of Press 'Enter' after typing page number.
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