Finance Minister Pranab Mukherjee has listened to the media industry’s demand and abolished fringe benefit tax (FBT) in his Budget speech at Parliament on July 6, 2009.
This is in addition to the extension of the stimulus package for the print media by another six months beyond June 30 in view of the economic slowdown.
However, the Minister has also proposed levy of 5 per cent customs duty on import of set-top boxes (STBs) used under Conditional Access System (CAS). No duty was imposed last year given the need to spread CAS in the country. However, given the success of CAS, the duty has been levied this year.
Budget 2009 wishlist: Media industry for reduction in service tax, FBT
Budget Wishlist: Print industry wants duties & taxes that impact newspaper production, and FBT to go
DAVP ad rates to increase by 10-15 pc; 15 pc commission also to be waived off