Previously SEBI Circular dt. 30.11.2015 prescribed that in financial results of the company ‘Revenue from Operations’ may be disclosed net of excise duty. However, subsequently MCA vide notification dt. 06.04.2016 notified Schedule III of Companies Act, 2013, according to which it should be disclosed inclusive of excise duty.

Thus to follow uniform approach, it has been clarified by SEBI on 20.09.2016 that in Financial Results of the company ‘Income from Operations’ may be disclosed Inclusive of Excise Duty, instead of net of excise duty, as specified in companies Act 2013.

Also, Listed Companies are required to take note of the said clarification and comply accordingly.