- Industry leaders discussed their opinions on GST and LBT
Chennai, 9th August 2017: In an attempt to build a better understanding of the recently implemented Good and Services Tax (GST), TicketNew.com administered a Panel discussion on the most debated topic for the Theatre and Multiplex owners on 8th August, 2017 at The Green Park Hotel, Chennai. The event witnessed the presence of theatre owners and personalities from the industry to discuss the significance, repercussions and impacts of GST for the theatre and cinema owners in the country.
The panelists included industry leaders like Mr. Kailash B Gupta, CFO, INOX; Mr Devang Sampat, Business head – Strategic Initiatives at Cinépolis; Ms Dina Mukherjee, Director & Chief Marketing Officer at Carnival Cinemas; Mr. Ct. Valliappan, Owner, Kamala Cinemas; Mr. R. Murthy, Managing Director, Idream Cinemas and Mr Mr Amit Sharma, MD, Miraj Cinemas.
Speaking on the occasion, Mr Ramkumar Nammalvar, Founder CEO, TicketNew.com, said “It is necessary to discuss GST for cinema and multiplex owners as there is still turmoil that prevails post the implementation of the tax. We are happy to create the opportunity for all theatre, cinema and multiplex owners to come together to discuss the topic and get whatever clarification possible”.
As told by Mr Ct Valliappan, Owner, Kamala Cinemas, on the impact of GST so far, “It is too early to judge the impressions of GST. GST came into effect around the time when the content in the form of movies was scarce. We will be able to gauge the situation and quantify the moviegoers post GST once we have films with big names start making rounds”.
Ms Dina Mukherjee, Director & Chief Marketing Officer at Carnival Cinemas, said “Any kind of change brings flux. Input credit tax works in multiple ways. The way I see it, on a long run, we are going to get credits back monetarily as GST brings in transparency in the operations”.
Mr Devang Sampat, Business head – Strategic Initiatives at Cinépolis said, “GST is a good proposition if the government adheres to the idea of ‘One nation, One tax’. But the tax at this point proposes variation in percentage of tax across the country. Post GST, the government brought in the Local Body Tax (LBT) which created unrest among the theatre and cinema owners. If LBT prevails, it may bring many negative repercussions for us as the government has indicated that service charge will be withdrawn post LBT which leaves us in a difficult position”.
Mr. Kailash B Gupta, CFO, INOX said, “I was very happy to see the Tamil Nadu Theatre owners Association come together to contest the tax that is being imposed. They spoke for each and every one of us.”
Mr Amit Sharma, MD, Miraj Cinemas said, “We need to join hands and work together as a National Association rather than individual entities/ states for more effective outcomes”.
The event closed with an interactive and hands on session with well experienced Charted Accountants Mr Gopalkrishnan Raju and Mr Saravana Prabhu who clarified the misgivings of the attendees regarding GST.
