The Hon’ble Finance Minister, presented the Union Budget 2024 on 23 July 2024 in the Lok Sabha.
The key highlights in respect of media and entertainment sector are:
- Withdrawal of 2% Equalisation Levy (EL) on e-commerce supply or services
- Reduction in Tax Deducted at Source (TDS) rate on e-commerce transaction from 1% to 0.1%
- Reduction in corporate tax rate for foreign company from 40% to 35%
- Basic custom duty exemption to motion picture, music, gaming software for use in gaming console printed or recorded on media extended till March 2026
