Hello Professional Collegues,
As per Companies Amendment Act 2017, Section 2(91) "turnover" means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year;'.
Does the above definition includes taxes charges ?
Thanks in advance.
Vatsla, just to let you know I consulted legal experts and they are of the opinion that as Schedule-III is applicable which states that
Revenue from Operations less: Excise Duty/GST i.e Net Revenue disclosed in PL account.
Hence provision is of view to take Gross Amount rather than Net. i,e Including Taxes.
Thanks for yout time.
CCI
Pro
CAclubindia
