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Income and expenditure instead of p&l

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(Querist)
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
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CA Kushwanth AVSR

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CA Kushwanth AVSR (Expert)
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
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