Can i add excise duties and VAT recd on Raw materials in Cost of Rawmaterials consumed during year......?????????
or Add excise and Vat to Direct expenses.. head.?????
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Revised schedule vi doubt...!!!!!!
Replies (1)
Dear Phani,
As per Revised Schedule VI excise duty to be presented as deduction from revenue of a non–finance company in the notes, and for VAT there is no such disclosure. But as per AS-9 revenue recognised should be net of VAT.
So not to add it in Cost of Raw material consumed & to give the effect according to above lines.
Thanks & regards
Amber Jain
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