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The Goods and Services Tax (GST) Council, chaired by the Union Finance Minister and consisting of...
Digital Desk: The Goods and Services Tax (GST) Council, chaired by the Union Finance Minister Nirmala Sitharaman and consisting of representatives from all states and UTs, decided on Tuesday to reduce the service tax levied on food and beverages from 18% to 5%.
Food and beverages are a significant source of revenue for the movie exhibition industry, particularly for multiplexes, which generate up to 35% of their revenue from this category.
Multiplex operators have also praised the Centre's decision, saying it will help them resurrect their businesses following the pandemic.
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"The entire cinema industry welcomes the clarification issued by the GST Council today that food and beverages sold at cinemas will be covered under the definition of restaurant service' and will be liable to GST @5% (without availing of input tax credit)," the news agency PTI quoted as saying.
"The above clarification will help resolve the industry-wide issue for the sector, which includes more than 9,000 cinemas across the country in avoiding disputes/litigation from a GST standpoint, giving tax certainty, and helping in the revival of the theater business post-pandemic," he added.
The film exhibition sector had a difficult time following the pandemic because it was closed in 2020 and reopened with restrictions. Finally, in March 2022, they were permitted to run at full capacity, and content pipelines began to flow.
The Council has also agreed to levy a 28% GST on the total value of online gaming, horse racing, and casinos.
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