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J T Mahavar (Consultant)     14 January 2014

Turnover

I have raised invoice amounting to Rs 112360 which includes service tax of Rs 12360/-. and received Rs 1,12,360.00. Whether my turnover will be Rs 1,00,000.00 or Rs 1,12,360.00.



 8 Replies

Dipjyoti Majumdar

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com )     14 January 2014

For service tax purpose it is 100,000/-. For income tax purpose or accounts it could be 100,000 or 112,360 depending if you pass the charge to output service tax through PL account or not.

Thanks,

1 Like
CA SHRAVANA DOTA

CA SHRAVANA DOTA (ACA)     14 January 2014

Taxable Value/Turnover under Serivce Tax in your instance will be Rs. 1,00,000/-

Arun Kumar Singh

Arun Kumar Singh (GST Advocate)     14 January 2014

Assessable value of goods is turnover of the unit.

ARJUN ASHOK

ARJUN ASHOK (CA Industrial Trainee)     14 January 2014

your turnover must be Rs.100,000/-. Rs.12,360/- is your current liability towards service tax collection. later it must paid to govt. after setting off the same against your input credit.

Bhavesh R Mesavaniya

Bhavesh R Mesavaniya (Co-Founder)     14 January 2014

If you are claiming CENVAT credit then your turnover will be 100000/- otherwise it will be 112360/-
madhu

madhu (CA Practice )     14 January 2014

As per AS on revenue recognition, turnover includes taxes.
Neha Jain

Neha Jain (accountant)     15 January 2014

We recd revenue of rs 1,00,000 and pay service tax of rs 12,360 there for sales wil be 1,00,000/-
Manoj Agarwal

Manoj Agarwal (Service Tax Consultant Rourkela ServiceTaxExpert@yahoo.com)     15 January 2014

Kinldy complete your query by mentioning the purpose for which you need to know the turnover. 


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