The Budget of the financial year 2013-2014, was announced by the Finance Minister, Mr.P.Chidambaram. He has given in to a long standing demand, exempted it from the net of service tax. The negative list of the sectors, not required to pay the tax, is occupied by the entire amusement and entertainment industries. He also announced that the film copyrights will not be charged the service tax.
For the past 2 years, the film industry had been fighting for this. The southern film industries have opted for a complete lock down twice in the past 12 months. They succeeded in their efforts finally. Telugu Film Chamber of Commerce thanked the government for its decision and for saving the producers, who are a lot burdened already.
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