Union Budget 2022: What were Bollywood’s expectations of the Union Budget?

When Bollywood gained industry status 21 years ago, in 2001, filmmakers felt that, like other industries, they would continue to receive government relief from time to time. After this, during the Corona period, when the government was giving booster packages for different industries in the country, even then Bollywood’s hands were empty. Despite these disappointments, when the overall budget for this fiscal year was presented, once the film industry felt that the government would definitely announce relief for them. This is why before the budget, the Producers Guild of India had filed a five-point lawsuit with the Union Finance Minister. But this time too, Bollywood has been disappointed with the overall budget. This year, the government has put forward a budget of Rs 34.8 lakh crore for 2021-22, in which not a single rupee is directly in the name of the film industry.

Aside from the film industry, there is a positive response to this budget from other industries. Because the government had already announced many big packages for these industries. Especially at the time of Corona, Rs 15.7 billion was announced for the most affected businessman. This time the package was also announced. Along with this, the feel good factor in GST was also mentioned. This time in the general budget, a provision of Rs 6000 crore was made for the medium and small scale industries for the next 5 years. However, in this budget there was also a demand to reduce GST rates, which was not met. If so, not only would inflation have been reduced, but relief would have been given to both the general public and businessmen. To give small business relief, it was very important to reduce GST rates.

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In the general budget of this time, easy loans were required to start up new theaters and screens.

What were the demands of Bollywood?

The film industry had made many demands to make up for its financial losses during the Corona period and to make Bollywood stronger as an industry in the future, but none of them have been met in this budget. Bollywood had sought help from the government in the most prominent working capital. For information, we tell you that working capital is the amount by which the capacity and short-term financing of a company is understood. In a nutshell, the difference between current assets and debt is called working capital. Along with this, there was a demand from exhibitors that a system of easy loans be made to start up new theaters and screens. Allow the deficit to carry over to the next year. The moratorium must be agreed on loan for production. There was also a demand to reduce TDS on payment.

In the midst of all this, Bollywood has been demanding since the beginning of the GST fee on cinema tickets that it should be included in the lower slab. Currently, 18% of the GST is collected on notes over Rs 100 and 12% on notes under Rs 100. Because of this, movie tickets are becoming very expensive. If this rate is lower, then the tax burden on exhibitors will be lower. With this, the audience will be able to watch the movie at a lower cost. Along with this, the producers will also get more participation than the exhibitors. Indian Motion Pictures Producers Association, another association of film producers, has already raised the demand from the Ministry of Finance to remove GST or reduce the rate for the film industry. But so far the government has not paid attention to their demand.

Are expectations met?

West India Film Employees Federation President BN Tiwari said in a conversation with Aaj Tak: “The Bollywood industry is often ignored in the budget. Rarely has there been any budget for the benefit of the film industry “I want to think for our workers and do something for them. There should be some facility for all our disorganized sectors, which have not been taken care of until now. Neither the Central nor the State Government have thought about the film industry. Somewhere this year, we should be mentioned. In the labor court that has been made, our workers must be thought of and something must be done for them. During this corona, how many of our workers became unemployed and how many lost their lives due to hunger. Even today, the 50 percent of people are unemployed, they are running their jobs.

JD Majithia, chairman of the television wing of the Indian Film and Television Producers Council, says: “This year the government should have paid more attention to us because this time the biggest loss is us, the producers. We are suffering the biggest loss. “The entertainment industry has suffered huge losses in the last two years. Speaking of taxes, there should be some concession. At the same time, we want us to not get the status of a paper-only industry either. Now is the time for execution. In such an emergency situation, we producers are not able to survive. If industry status were implemented, things would be a little easier when it comes to bank financing and other investments. Apart from this, network support will also be available. backbone.Things will become even safer and more secure.

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