does accounting for service providing firm is different from trading/manufacturing firm
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Quick Summary
While the fundamental accounting principles remain the same across service, trading, and manufacturing businesses, the operational nature leads to some differences. Service sector accounting is often considered simpler than manufacturing, which involves more complex processes like GST input credit management. Both sectors face unique challenges with GST compliance, but the core accounting practices are consistent.
MANUFACTURING-IMPLOCATION OF GST TAKING INPUT CREDIT FOR EXCISE WHOLE SET OF BOOKS LIKE RG23A PART 1 PARRT TAKING CREDIT IS TIME TAKING. PLA ACCOUNT. SAME IS THE CASE OF GST IN MANUFACTURING SECTOR. GSTR2A , GSTR 3B LETS NOW COME TO SERVICE SECTOR GST IS CUMBERSOME