Valuation of Closing stock & Tax Audit

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Gaurav (Querist)
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27 January 2010 Hi Expert,

While determining the tax audit limit i.e. 40 laks whether excise duty payable, vat payable , service tax should be part of Sale if shown separately in Incoice?

Thanks in Advance..

Regards
Gaurav

Bimal Thacker

Bimal Thacker (Expert)
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27 January 2010 If excise duty payable, vat payable , service tax payable shown separately in Incoice and accounted in seperate account payable and payment or credit of input adjusted against such account then for considering limit of turnover of 40 laks the above will not form part of turnover.