Whether excise duty is part of turnover?

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2017 Dear Expert,

Please advise if excise duty is part of turnover? Say a bill is of Rs. 100/- and excise duty is 20/- and vat is 5/-. Whether turnover is 100, 105 or 125?
How to present in balance sheet. They say, it has to be shown separately, viz, gross less excise duty = net sales.
Won't it downgrade the turnover?

Please help.

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2017 Dear Expert - I know this query may be a petty one, but my entire books are to be written on this concept. Please guide me.