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 Lok Sabha today, the Finance Minister Shri Pranab 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.
The Film Producers Guild called off its proposed strike to press for the exemption after Mukherjee made the announcement. It has been making this demand for a long time.
