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of <h1>Circular Clarifies Profit Calculation for Internal Goods Consumption; Excludes Interest and Depreciation from 'Gross Profit Before Tax'.</h1> The circular addresses the determination of assessable value for goods consumed internally, emphasizing the inclusion of profit. The Central Board of Excise & Customs clarifies that the term 'Gross profit before tax' refers to profit before tax, excluding expenses like interest and depreciation. This distinction is made to differentiate it from net profits, which account for tax provisions. The issue was raised by the Collector of Central Excise, Madurai, and examined in consultation with the Ministry's Cost Accounts Branch. The circular aims to provide clarity on how profits should be calculated for excise purposes.
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