The events industry employs a large volume of people, from individuals to small production companies to large scale entertainment agencies. Many media and entertainment companies are adding an events division to their existing setup as the growth of this sector has exceeded expectations. Our economy is consuming events as fast as they are being supplied. We are witnessing steady growth, with an increasing number of people paying to attend various events. While large-scale events are spoken about the most, the industry also supports the growth of budding creators who generate content through social media and significantly contribute to the economy. However, certain sectors of our industry like music and sports have the highest level of GST i.e. 28% as opposed to the 18% that is levied on most other avenues of the larger entertainment industry. In this Union Budget, we are expecting the government to move our eco-genre to the 18% bracket, reducing the GST impact on the industry. The reduction of GST will also help us support new talent, allowing us to innovate and evolve, without high tax repercussions.
(The writer is the CEO of Paytm Insider)
Published 29 January 2020, 11:51 IST