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New tax on Indian stars – Bollywood, cricketer you name it!
India’s new star tax is making big news in all front pages of the world. Sachin Tendulkar or SRK or Aishwarya or Big B – all will have to shed Rs. 250 per lakh they make now onwards as star tax of India.
Every celebrity who makes money through mass media can be covered by a new “star tax” that has stunned Bollywood and the rest of the entertainment establishment in Maharashtra.
The levy will be imposed in the form of a 0.25 per cent stamp duty on monetary contracts valued above Rs 1 lakh that performing artistes sign. The tax translates into Rs 250 for every Rs 1 lakh of their fee.
The duty — announced through a May 7 notification that was lying unnoticed till now — has a far wider reach as an accompanying clause says endorsements, too, will fall under its purview. This means even sports stars who appear in advertisements will have to pay the tax.
Bollywood, expected to be hit the hardest if the tax stays in place, reacted with dismay, saying the levy will derail efforts to clean up the film industry.
BIZ/FINANCE ARTICLES
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