Taxes on entertainment, cable, DTH to come down under GST
The Dollar Business Bureau The government said on Tuesday that taxes on entertainment, Direct-To-Home (DTH) and cable services would come down in the new Goods and Services Tax (GST) as 'entertainment tax' that is imposed by the states has been included in the GST regime. The services offered through admission to cinematography films or entertainment events in cinema halls will be imposed with a rate of 28% under GST effective from July 1, the Finance Ministry said in a statement. Presently, the states levy entertainment tax of up to 100% with regard to exhibition of films in cinema halls/theatres. The entertainment tax has now been subsumed under the GST, and therefore only the taxes imposed by a municipality or panchayat on amusements and entertainments will stay. “Entertainment ...
Warburg Pincus buys 14% stake in PVR for Rs. 820 cr
The Dollar Business Bureau American private equity company Warburg Pincus said on Wednesday that it has acquired about 14% stake in the Indian multiplex chain PVR for around Rs.820 crore. “Affiliates of Warburg Pincus have acquired an equity stake of approximately 14% in PVR, India’s largest film and retail entertainment company for approximately Rs.820 crore,” the company said in a statement. The stake is being bought from the affiliates of private equity company Multiples, who will continue to be a long-term investor with equity stake of 14% and the present promoters who will remain to lead the business and continue to be the largest stakeholders with a shareholding more than 20%, it added. Ajay Bijli Chairman and Managing Director, PVR said, “The multiplex industry in India ...
Hollywood enchants Indian market, RDB grosses abroad
By Pooja Jain & Sairaj Iyer Last Friday, the opening collections at the box office for many releases was very gloomy. The only film that garnered huge collections was Hollywood’s Independence Day: Resurgence. The science fiction collected whopping Rs.4.70 crore. It easily left behind Anurag Kashyap’s thriller flick Raman Raghav 2.0, which managed to collect to Rs.1.10 crore on opening day. Meanwhile, Amitabh Bachchan starrer ‘TE3N,’ which was crushed by Hollywood’s Conjuring due to same day release, earned Rs.17.79 crore, while Conjuring managed to mint Rs.53.78 crore in India. The trends have changed; Hollywood has got more to offer to the Indian market. In 2005-06, Hollywood’s share at the Box office was 5%, whereas dependency on Bollywood flicks was 85%. However, since 2015, the ...
