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.