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Disclosure of sales in Profit & Loss account

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(Querist)
25 August 2007 In SCH VI, can sales be grossed up and shown. My sales component includes service tax, VAT and Works Contract tax. If only net sales is to be disclosed, is there any reference to substantiate our interpretation
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SRINATHA

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SRINATHA (Expert)
27 August 2007 Hi Manoj Singh,

It is better to disclose in the following pattern

Sales (Gross) *******
Less:
1. Vat *****
2. Excise Duty *****
3. Service Tax ****
4. Works Contract Tax ****

Net Sales *******
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CMA Gul S

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CMA Gul S (Expert)
06 September 2007 Hello Mr Manoj,

you need to disclose the detailed breakup for the sales in you books.
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Ravikumar.G

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Ravikumar.G (Expert)
12 October 2007 As per accounting standared Interpretation (ASI) and AS the gross turnover should be disclosed in the financial statements.
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KAAPIL

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KAAPIL (Expert)
08 November 2007 Disclosure is necessary.

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