Wednesday, March 31, 2010

Indian Govt to collect Rs 150 cr from IPL

 

IPL teams

The government hopes to collect around Rs 150 crore as direct taxes from the Indian Premier League. The cricketing event in the country has already given Rs 110 crore to the exchequer.

The event has given Rs 110 crore as tax deducted at source in the first 15 days of the event. The government expects around Rs 90-100 crore from the Board of Control for Cricket in India (BCCI) and Rs 50-60 crore from the eight franchises. The Central Board of Direct Taxes has collected around Rs 50 crore of tax on payments made by the franchises while over Rs 60 crore has been received from BCCI.

Tax collection for IPL-I, which was held in India in 2008, was close to Rs 90 crore. However, IPL-II had moved to South Africa because of security concerns. Overall, IPL would generate a business of $1 billion this season, IPL Commissioner Lalit Modi had said recently.

"The tournament is still on and we have not reached the final number... Yes, it will be more than $1 billion this season. Last season, we did garner $450 million. Thereafter, we would double every year," Modi had said. Business for Sony, the official broadcaster, alone would be about Rs 700 crore to Rs 800 crore. The success of IPL has catapulted its brand value to $4.13 billion, more than double from last year's $2.03 billion, according to Brand Finance.

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