GST Tax Reduced: Movie Tickets to Become Cheaper
The Goods and Services Tax Council on Saturday met for its 31st meeting and rationalised the tax rates for several goods and services which are placed in the higher tax slabs. The GST Council has decided to reduce the tax levied on movie tickets.
As per the recommendations made during the meeting, the council decided to reduce the tax on movie tickets from 28% to 18% for the tickets priced above Rs 100 and levy 12% tax on tickets priced up to Rs 100 instead of the earlier 18%.
Finance Minister Arun Jaitley, while briefing the press said: “Film Industry is a medium of mass entertainment which has a revenue impact of Rs 900 crore.” These revised GST rates on goods and services will be brought to effect from January 1, 2019.
The Producers Guild of India has appreciated the decision made by the government to reduce GST on movie tickets and stated that this will help the industry to invest better and reach its full potential.