GST – GOODS AND SERVICE TAX been implemented across India from today to general public.
This latest tax reform is all set to hit the premiere sports industry of India in a really hard way, leading to major disturbances in industry of sports entertainment.
Ticket prices for IPL matches are set to be skyrocketed to meet the tax requirements imposed by the central government which may affect the attendance to IPL matches to be held.
Sports goods have benn subjected to a tax slab between 12-28 percent, cricketing merchandise have been given a slight relief due to the popularity of the sport in the country.
Table tennis and golf merchandise have been bought under 28 % slab which means the prices of these sports goods are to be hiked by a huge margin
“To make high quality equipment, we need support from the government. The current move might have a negative impact on the growth of the industry. There are more than 1000 registered units and another 1500 cottage units in villages,” Rakesh Mahajan, chairman of All India Sports Goods Manufacturers’ Federation had earlier told Hindustan Times.
IPL match tickets are to be charged at 18% price tax from now on.