Gross or net
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2012
Dear Expert,
pls tell me how should I present Profit & loss account as per Sch. VI...
Revenue from operations Gross :
1.should I add Vat amount on sales of goods made or it should be net of Vat... as vat is not revenue for us.
2.Same in case of Revenue from Services ... Amount of service tax to excluded or not.
pls tell me how should I present Profit & loss account as per Sch. VI...
Revenue from operations Gross :
1.should I add Vat amount on sales of goods made or it should be net of Vat... as vat is not revenue for us.
2.Same in case of Revenue from Services ... Amount of service tax to excluded or not.
CA. Sunil Kumar
(Expert)
14 July 2012
Gross Revenue : Net Revenue from Operation + Excise duty element as per guidance note.
Vat and service tax are not part of Gross revenue.
Vat and service tax are not part of Gross revenue.
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