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.
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Turnover
Replies (8)
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,
Taxable Value/Turnover under Serivce Tax in your instance will be Rs. 1,00,000/-
Assessable value of goods is turnover of the unit.
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.
If you are claiming CENVAT credit then your turnover will be 100000/- otherwise it will be 112360/-
As per AS on revenue recognition, turnover includes taxes.
We recd revenue of rs 1,00,000 and pay service tax of rs 12,360 there for sales wil be 1,00,000/-
Kinldy complete your query by mentioning the purpose for which you need to know the turnover.
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