As everyone know about the entertainment industry,now in this blog post we explain GST effects on Entertainment industry.How GST effected the whole entertainment industry read our article below:
TAX RATE BEFORE GST ON ENTERTAINMENT INDUSTRY: Before GST entertainment industry have multiple taxes like service tax, VAT on various services of this industry. VAT was charged at the rate of 14.5% and service tax at 15% charged.But also this industry get a subsidy of 60% on service tax hence have to pay only 6% of service tax only.Now total tax become as 14.5% + 6% = 20.5% tax total.
TAX RATE AFTER GST ON ENTERTAINMENT INDUSTRY: Now all kinds of taxes are removed from entertainment industry and just one taxis there only GST.
GST rates for this industry varies from 18% to 28% clearly here explained below clearly:
GST 18% SLABS FOR PRODUCTS AND SERVICES OF ENTERTAINMENT INDUSTRY:
Circus, TV and DTH services, theater and classic dance performances like drama and folk dance all comes into this category.
GST 28% SLABS FOR PRODUCTS AND SERVICES OF ENTERTAINMENT INDUSTRY:Movie tickets, casinos, racing, movie festivals and events, amusement parks and sporting events.
GST IMPACT ON CONSUMERS: Before GST there is 30% tax on movie tickets called as entertainment tax and on food beverages 20.5% VAT and service tax.
But in terms of GST only 28 % tax on movie tickets and 18% on food beverages means it is much cheaper than before.
But in some states where entertainment tax is lower there will be increase in price of movie tickets after GST.
Also there is a provision in GST that allow states to add an additional local body tax(LBT) on all the entertainment services offered in particular state,this make the price a little more higher.
GST IMPACT ON ENTERTAINMENT SERVICE PROVIDERS: All entertainment service provides have to pay GST on the tickets they sale and also on the food items they give to their consumers.
ONLINE GST SOFTWARE ONLINE RETAIL SOFTWARE
ONLINE ACCOUNTING SOFTWARE ONLINE BILLING SOFTWARE
ONLINE TRANSPORT SOFTWARE ONLINE INVENTORY SOFTWARE
TAX RATE BEFORE GST ON ENTERTAINMENT INDUSTRY: Before GST entertainment industry have multiple taxes like service tax, VAT on various services of this industry. VAT was charged at the rate of 14.5% and service tax at 15% charged.But also this industry get a subsidy of 60% on service tax hence have to pay only 6% of service tax only.Now total tax become as 14.5% + 6% = 20.5% tax total.
TAX RATE AFTER GST ON ENTERTAINMENT INDUSTRY: Now all kinds of taxes are removed from entertainment industry and just one taxis there only GST.
GST rates for this industry varies from 18% to 28% clearly here explained below clearly:
GST 18% SLABS FOR PRODUCTS AND SERVICES OF ENTERTAINMENT INDUSTRY:
Circus, TV and DTH services, theater and classic dance performances like drama and folk dance all comes into this category.
GST 28% SLABS FOR PRODUCTS AND SERVICES OF ENTERTAINMENT INDUSTRY:Movie tickets, casinos, racing, movie festivals and events, amusement parks and sporting events.
GST IMPACT ON CONSUMERS: Before GST there is 30% tax on movie tickets called as entertainment tax and on food beverages 20.5% VAT and service tax.
But in terms of GST only 28 % tax on movie tickets and 18% on food beverages means it is much cheaper than before.
But in some states where entertainment tax is lower there will be increase in price of movie tickets after GST.
Also there is a provision in GST that allow states to add an additional local body tax(LBT) on all the entertainment services offered in particular state,this make the price a little more higher.
GST IMPACT ON ENTERTAINMENT SERVICE PROVIDERS: All entertainment service provides have to pay GST on the tickets they sale and also on the food items they give to their consumers.
ONLINE GST SOFTWARE ONLINE RETAIL SOFTWARE
ONLINE ACCOUNTING SOFTWARE ONLINE BILLING SOFTWARE
ONLINE TRANSPORT SOFTWARE ONLINE INVENTORY SOFTWARE
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