Income and expenditure instead of p&l
This query is : Resolved
04 October 2020
Sir, my client was doing gold business as well as gold smith works without gst can i prepare income and expenditure a/c to him
04 October 2020
Yes. You can maintain books of accounts irrespective of GST registration but it is better to prepare profit and loss than income and expenditure as generally income and expenditure is prepared by trusts.
Coming to GST, check the turnover limit and other regulations to avoid penalties
Coming to GST, check the turnover limit and other regulations to avoid penalties
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