DEFINITION of 'Gross Receipts'
A tax term relating to the total business revenue from services provided that must be reported for the fiscal period. Gross receipts do not account for sales returns and allowances, cost of goods sold or any other deductible expenses. Gross receipts can include both rental and interest income.
BREAKING DOWN 'Gross Receipts'
Although most expenses are deducted from the gross receipts figure, any sales from fixed assets and employee withholding taxes are generally subtracted before arriving at this number. Gross receipts are reported by taxpayers who provide both goods and services to consumers.