Hi, 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?
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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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