Nitesh (Student) (24 Points)
13 April 2016Hi, My company deals in Youtube Business wherein it has some channels from which the revenue is generated. It entered into a deal with an MCN for 1 year on 25th Nov 15 and received Rs.1750000 MG. What should be the adjustment entry at March end and Service Tax implications thereon?
ACCOUNTANT
(Student)
(559 Points)
Replied 14 April 2016
Service tax is chargeable at the rate of tax applicable on the date of contract or on the date of payment of fees whichever is earlier.
A provision a/c can be created for creditors., till performance of the contract and on performance provision is reversed such that the realised amount is credited to respective Creditors a/c
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