Relief for cinema industry as film rolls gets duty rebate
February 28th, 2011 - 8:18 pm ICT by IANS
New Delhi, Feb 28 (IANS) Finance Minister Pranab Mukherjee Monday sought to give relief to the Indian film industry by proposing to exempt some basic raw material that has to be imported from payment of excise duties.”The Indian film industry has represented that colour, unexposed jumbo rolls of cinematographic film are not manufactured domestically and have to be imported,” the finance minister said.
“I propose to exempt jumbo rolls of 400 feet and 1,000 feet from CVD (countervailing duty) by providing full exemption from excise duty,” he said while presenting the federal budget in the Lok Sabha.
Cinematographic film is used to shoot movies and get them printed on positive raw stock.
Countervailing duty is normally imposed to protect indigenous industry against import of goods.
- Eco-friendly hybrid vehicles to be cheaper - Feb 28, 2011
- No strike now: Bollywood happy with tax exemption (Lead) - Mar 16, 2012
- India approves Rs.200 crore for research on climate change - Mar 16, 2012
- For automobile industry, budget is in neutral gear - Feb 28, 2011
- Service tax rate raised by two percent (Lead) - Mar 16, 2012
- Jewellers resume shutdown in Bengal, demand rollback of excise duty - Mar 29, 2012
- Garment manufacturers protest duty on branded items - Mar 15, 2011
- Jewellers end strike on promise of duty roll back - Apr 06, 2012
- Roll back excise duty on branded garments: Buddhadeb - Mar 08, 2011
- Lalu Prasad takes jewellers' concerns to Mukherjee - Apr 05, 2012
- Biotech industry hails tax sops in budget - Feb 26, 2010
- Excise, customs duties on large, foreign-made vehicles hiked - Mar 16, 2012
- Excise duty exemptions from 130 items to be removed - Feb 28, 2011
- Pranab urges jewellers to call off shutdown - Mar 31, 2012
- Government invites jewellers for talks - Apr 04, 2012
Tags: cinema industry, countervailing duty, excise duties, excise duty, federal budget, film rolls, finance minister, indian film industry, indigenous industry, jumbo rolls, Lok Sabha, New Delhi, pranab mukherjee, raw material, raw stock