Gross or net
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 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.
13 July 2012
VAT and service tax amount payable to authorities does not come in profit & Loss Statement.
VAT & ST can never be shown in revenue from operations.
Only Excise duty is shown and that is also for the purpose of disclosure.
VAT & ST can never be shown in revenue from operations.
Only Excise duty is shown and that is also for the purpose of disclosure.
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13 July 2012
Revised schedule VI as well as AS-9 is silent on the above issues. Therefore, relying on the "Guidance Note on Accounting for State level VAT", segregation of VAT from sales and making net presentation of sale of goods is suggested.
Same analogy is preferred for SERVICE TAX.
Same analogy is preferred for SERVICE TAX.
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