India's win over Pakistan in the World Cup semi finals seems to have brought more cheer to the ICC. The cabinet today announced tax exemption on the revenues from the World Cup, reports CNBC-TV18’s Tanvi Shukla.
ICC is expected to garner almost Rs 900 crore of revenues from World Cup this year and almost half of that would arise from India itself. So what we understand is about Rs 45 crore of tax will be exempted on these revenues. The cabinet announced that tax exemption will be given to the revenues arising from India for ICC and all of its subsidiaries, so that’s about Rs 45 crore of revenues.
This is not the first time that government has exempted tax. Back in 2005 also, the cabinet had made a proposal for an amendment to the Income Tax Act of 1961 stating that if there is an international sporting event being held in India and revenues arising from those, the service tax should be exempted and not be levied on such events. So, as a result the 2006 ICC Champions trophy which was held in India also did not have to really pay any tax. Seems like India’s brilliant performance this time has got the government in a generous mode.
Viewership ratings
Atleast for this World Cup this was the highest rating that we have seen. For the India-Pakistan match yesterday the rating was at 11.74, while India-Australia match got ratings of 6.53 and the India-England match got ratings of 6.44.
About 67.3 million viewers tuned in to watch the match yesterday. These ratings actually peaked to towards the end of the match probably because by then people had realised or were more sure of the fact that India would be winning. This ofcourse was not great news for general entertainment channels (GEC) channels which saw a dip in their GRPs of almost 20%.
Just another interesting fact here, the advertisement spot rates for yesterdays match was about Rs 15-20 lakh per ten seconds and now that India is in the finals these spot rates are expected to go as high as Rs 40 lakh.
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