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With music pirates gobbling away revenues
worth three times its estimated value, the beleaguered Indian
music industry is demanding a tax break from the Government.
The Indian Music Industry (IMI), apex body of the Rs 6-billion
($127.65 million) industry, says it has lost Rs 18 billion
($382.97 million) in the past three years due to rampant illegal
copying and sales of music cassettes and CDs.
That's why IMI is protesting the proposal of state governments
to classify audiocassettes and CDs under the Neutral Rate
Category, which will draw VAT (value added tax) of 12 per
cent.
"In unit terms, the legitimate market has shrunk by
27 per cent in the last two years. In value terms, by 38 per
cent," said IMI president Vijay Lazarus. "The industry
is dying a slow and painful death. The tax breather is desperately
needed," Lazarus told IANS on telephone from Mumbai.
IMI, with over 60 member companies including most of the
biggest names in India, represents about 75-80 per cent of
the Indian music scene. The only big name company not part
of this consortium is T-Series.
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