Media, Entertainment and Leisure

Our service offerings for the Media, entertainment and leisure industry

The Indian media and entertainment (M&E) industry is one of the fastest growing industries in the country. Its various segments viz. film, television, advertising, online and print media and music among others have witnessed tremendous growth in the last few years.

The media and entertainment industry in India is further expected to grow steadily over the next five years. The industry revenues are likely to exceed US$ 32.7 bn by 2019 from US$ 17.0 billion in 2014, growing at compound annual growth rate (CAGR) of 14.0 per cent between 2015 and 2020. With a majority of the population below the age of 35, and increasing disposable income in the Indian households, the average spend on media and entertainment industry is likely to substantially grow in India.

With the growing popularity of Indian content in the world market in general and South Asia in particular, the Indian entertainment industry players are venturing abroad to tap this booming segment. Consequently, many Indian domestic players have set up distribution arms overseas and entered into joint ventures with leading international media & entertainment conglomerates. Apart from films, other entertainment content areas like music and television also have a huge potential international market. The total value of Indian media and entertainment content sold overseas is expected to grow by over 20% every year.

The ever expanding innovations and the entry of new mediums, pose lots of opportunities and challenges for the industry. Further, corporatization and rapid technological developments have now partnered with the creative and artistic minds to bring about disciplined approach and professionalism in this industry. In addition, the ever changing laws and regulations are playing a vital role in protecting and safeguarding interests of this industry.

Leisure is currently one of the most exciting sectors in India. According to the World Travel and Tourism Council (WTTC), India is recognised as the fastest emerging market leader fostering hospitality, entertainment and the leisure industry. India is attracting tourists as well as businessmen to invest in the lucrative hospitality, entertainment and the leisure industry. With a population of over 1 billion, about 30% of which is under 20, and economic growth set to continue at over 6% per annum, the number of consumers can only increase.

The sector is developing throughout India but the major projects are planned in the metropolitan cities, their suburbs and other major cities in Western and Northern India. Interest in the leisure business is not limited to entrepreneurs. Consultants are beginning to focus on business prospects in the leisure industry.

RSM has created a unique niche with focus on all important segments in this industry. With its deep knowledge, continuous research and focus on this industry, we are in a position to provide practical, result oriented bouquet of services to organization in these industries.

How we can help

We provide professional services to following major segments:

  • Television channels
  • Content producers for television channels
  • Films production, distribution and exhibition
  • Events and live concerts
  • Music
  • Advertising and creative media
  • Print media
  • Internet content media

Some of our unique services include:

  • Strategies for inbound and outbound investments for corporates to help achieve global reach and competitiveness
  • Corporate structuring and tax advisory services for global entertainment events, concerts, etc. held in various parts of the world
  • Designing and setting up enterprise wide Standard Operating Processes (SOPs) and systems for uniform working
  • Internal, concurrent and special audits to ensure improved efficiency, internal processes and controls, compliances, etc.
  • Concurrent audits of specific events, shooting schedules, etc.
  • Assistance in legal documentation and business agreements for various commercial and legal transactions

Advantage RSM:

  • RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the seventh largest audit, tax and consulting network
  • Extensive experience in advisory, taxation and accounting matters across functions and countries
  • Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates

 

RSM India: Giving back to the local community

1 December 2022
RSM India: Giving back to the local community   Goal 3 – Good health and well-being To give back to local communities, RSM India has engaged in a number of fundraising activities such as donating to worthwhile causes or volunteering to help the underprivileged and society at large.

Encouraging well-being and sustainable practices at RSM India

1 December 2022
Encouraging well-being and sustainable practices at RSM India   Goal 12 – Responsible consumption and production RSM India has committed to a number of initiatives in order to reduce the Firm’s carbon footprint and wastage, as well as to promote well-being.

Whitepaper - GIFT City - International Financial Services Centre - Fiscal Incentives

28 September 2022
The Gujarat International Finance Tec-City ("GIFT City") is the first and only International Financial Services Centre (“IFSC”) currently operational in India and was operationalised by the Government in 2015. GIFT City is developed as a planned global financial and IT Services hub.

Salary Income - Certain Tax and Legal Aspects 2022

27 September 2022
The phenomenal growth of the Indian economy has resulted in a large number of salaried income tax filers. In India, we are estimated to have 8.50 crore tax-filers and the salaried employees and managerial personnel constitute the largest segment out of the same.

Research Publication: Accounting Implications of Rupee Devaluation, Inflation and Current Geo-Political Scenario

27 September 2022
The current geo-political scenario across the world has given rise to disruption in global supply chain, rise/volatility in prices of crude oil and several commodities, disruption in capital markets, and foreign exchange volatility and so on. Several countries around the world are facing economic crisis and/or recessionary trend.

Research Publication: Accounting Implications of Rupee Devaluation, Inflation and Current Geo-Political Scenario

27 September 2022
The current geo-political scenario across the world has given rise to disruption in global supply chain, rise/volatility in prices of crude oil and several commodities, disruption in capital markets, and foreign exchange volatility and so on. Several countries around the world are facing economic crisis and/or recessionary trend.

Highlights of Recent Key Changes in Overseas Investment Rules Regulations 2022

26 September 2022
The Government with the aim of enhancing the 'ease of doing business' and simplifying the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduce the need for seeking specific approvals has issued new overseas investment rules and regulations.

Karnataka High Court Rules - No TDS on reimbursement of seconded employees’ salary and directs Revenue to issue Nil TDS certificate

26 September 2022
Secondment of employees of foreign entity to Indian subsidiaries has been followed consistently as a general practise to support the Indian operations of the multinational enterprises. The taxability of secondment arrangements and corresponding payments have been subject to judicious examination under direct and indirect tax law over the past many years.

47th GST Council Meeting's Outcome

26 September 2022
The GST Council headed by Finance Minister conducted its 47th meeting on 28 June 2022 and 29 June 2022 in Chandigarh.

CBDT Extends Safe Harbour Rules to AY 2022-23

26 September 2022
On 17 June 2022, Central Board of Direct Taxes (‘CBDT’) issued Notification No. 66 /2022/F. No. 370142/26/2022-TPL. Vide this Notification, the CBDT has extended the Safe Harbour Rules (‘SHR’) to Assessment Year (‘AY’) 2022-23 relevant to the previous year 2021-22. 

CBDT Notifies Books and Records to be maintained by Charitable Trusts and Institutions

26 September 2022
The Finance Act, 2022 had amended Section 12A(1)(b) and tenth proviso to Section 10(23C) of the IT Act so as to mandatorily provide for maintaining books of account and other documents in a prescribed form and manner and at a prescribed place where the total income of certain Trust or Institution, without giving effect to the provisions of Section 10(23C) or sectio

Summary of Recently notified Changes in GST Rates

26 September 2022
In accordance with the recommendations made by the GST Council in its 47th meeting, Central Board of Indirect Taxes and Customs (CBIC) has given effect to several changes in GST rates applicable to supply of various goods/services. All rate changes would be made effective from 18 July 2022.  

Mandatory requirement for Electronic Furnishing of Form 10F in case of Foreign Remittance

26 September 2022
In order to claim benefit of any Tax treaty in respect of any income earned in India, a non-resident is required to furnish certain details in Form 10F alongwith the Tax Residency Certificate (TRC), as per Section 90(5) of the Income Tax Act, 1961 read with Rule 21AB of the Income Tax Rules, 1962.

Summary of recent Circulars issued under GST

26 September 2022
In accordance with the recommendations made by the GST Council in its 47th meeting, Central Board of Indirect Taxes and Customs has issued several clarificatory circulars on prevalent issues under GST. The gist of the said circulars is summarized in the Newsflash.  

Summary of GST Circulars clarifying GST applicability on Liquidated damages, Notice pay recovery etc. and Clarifications on several rate related aspects

26 September 2022
The Central Board of Indirect Taxes and Customs has issued circulars dated 3 August 2022 clarifying applicability of GST on payments in the nature of liquidated damages, notice pay recovery from employees, cancellation charges, etc. and several taxability and rate related aspects as well.  

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