Gross Receipts

#TRAINlawDefinitionOfTerms

Gross Receipts – refers to the total amount of money or its equivalent representing the contract price, compensation, service fee, rental or royalty, including the amount charged for materials supplied with the services, and deposits and advance payments actually or constructively received during the taxable period for the services performed or to be performed for another person. In the case of VAT taxpayer, this shall exclude the VAT component.