AS-17........

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Parth Adeshara

Parth Adeshara (Querist)
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30 June 2011 Should we take sales above rs. 50 crores including excise & vat or not ????????????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 June 2011 Turnover means excluding the Excise and VAT only. so do not include that

ACMA Obulirajan R

ACMA Obulirajan R (Expert)
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01 July 2011 Dear Ramesh,
As per my understanding turnover refers only exclusive of VAT. Please confirm.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 July 2011 Hi.
AS-17 is not defining the exact term of turnover. but most of the accounting interpretations and taxation terms like Income tax and other direct tax defining the turn over excluding the excise duty also.

so i stand in my position as turn over excludes excise duty also.

i am keeping open this query for other experts opinion