Relief for cinema industry as film rolls gets duty rebateBy IANS
Monday, February 28, 2011
NEW DELHI - 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.