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Shah Rukh backs tax breaks for Bollywood

Mumbai, May Shah Rukh Khan wants the entertainment industry to be put on the concurrent list so it can enjoy tax concessions under central regulations.

“It has become necessary to bring in the entertainment industry under the concurrent list so that it can be governed by central rules and enjoy tax concessions announced by the latter from time to time,” he said in a statement, before releasing a study on entertainment and media by Assocham.

The industry now comes under the state government.

Shah Rukh also called for the removal of value-added tax (VAT) and service tax on the entertainment industry.

Assocham president Venugopal Dhoot is known to be close to Shah Rukh, who is brand ambassador for his company Videocon.

According to the Finance Act, 2007, the central excise department has issued notices for recovery of service tax from the film and entertainment industry in cases of renting, leasing and letting out immovable properties.

“The film industry is burdened with various types of taxes and fees imposed by the state government. The Centre should exempt transactions between producers and distributors,” the study said.

Shah Rukh and Assocham are being backed by several producers’ bodies. “There is a need for a uniform entertainment tax across the country,” said Anil Nagrath of the Indian Motion Pictures Producers’ Association. “Retaining the industry on the state list deprives the tax concession given by the Centre,” said the study.

The study said the 12 per cent VAT was too high. “Producers are put under heavy burden and if waiving of VAT is not possible, it should be brought down to four per cent,” said Dhoot.

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