Service tax imposition may cripple amusement & leisure industry
The amusement and leisure industry, estimated to grow by six per cent per annum till FY-10 is on the verge of an explosive growth. Hot and sizzling calendars
By PTI |
MUMBAI: The Rs 4,000 crore Indian amusement and leisure industry has expressed fear that any imposition of central tax such as service tax will cripple the sector.
"The amusement industry is already under heavy burden of local entertainment tax ranging from 10 to 25 per cent in various states. Therefore, any imposition of central tax like service tax will surely cripple the whole industry. This industry can survive only by absorbing either one of the taxes," Indian Association of Amusement Parks and Industries (IAAPI), President, VGP Ravidas said.
The amusement and leisure industry, estimated to grow by six per cent per annum till FY-10 is on the verge of an explosive growth.
In fact, the growth of Indian amusement park industry is more lucrative and faster than China.
Over 150 amusement parks, water parks & snow parks are in operation, attracting footfalls to the tune of 50 million visitors annually.
The industry gives employment to five lakh people. It also boosts tourism and infrastructure facilities in and around the parks, Ravidas said.
"The amusement industry is already under heavy burden of local entertainment tax ranging from 10 to 25 per cent in various states. Therefore, any imposition of central tax like service tax will surely cripple the whole industry. This industry can survive only by absorbing either one of the taxes," Indian Association of Amusement Parks and Industries (IAAPI), President, VGP Ravidas said.
The amusement and leisure industry, estimated to grow by six per cent per annum till FY-10 is on the verge of an explosive growth.
In fact, the growth of Indian amusement park industry is more lucrative and faster than China.
Over 150 amusement parks, water parks & snow parks are in operation, attracting footfalls to the tune of 50 million visitors annually.
The industry gives employment to five lakh people. It also boosts tourism and infrastructure facilities in and around the parks, Ravidas said.
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