#FICCIFRAMES M&E sector pins hope on rollout of GST in April 2016 to resolve its tax concerns
M&E sector pins hope on rollout of GST in April 2016 to resolve its tax concerns Experts say simplification of tax regime necessary for M&E industry’s growth MUMBAI, March 26, 2015. The Indian Media & Entertainment (M&E) sector, one of the most highly taxed sectors in the country, is pinning its hopes on the rollout of the Goods & Services Tax (GST) as it would simplify the tax regime by combining a multitude of national, state and local taxes. Yet, there are areas of concern as whether entertainment tax would be subsumed in GST and what the rate of GST would be. These sentiments were expressed by industry stalwarts on the second day FICCI FRAMES 2015, in a session on ‘An Enabling Tax Regime for the M&E Sector’. In his presentation, Mr. Himanshu Parekh, Executive Director, KPMG, highlighted some of the key concerns of the film industry such as service tax loss in respect of theatrical revenues; ambiguities surrounding...