Revenue from operations gross (with vat amount) or net
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 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.
22 July 2012
VAT & ST should not be shown in the account it should appear as a separate amount as there is set off facilities and only the net amount is to be claimed as expenses.
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