04 May 2022
Mr Ram is dealer of Sonalika tractor. He sale new tractor to customers and also purchased old tractor from them. My question is 1. Sale of old (second hand) tractor is taxable under gst and if yes in which hsn code and rate. 2. In GSTR1 and GSTR3B IN which column we show old tractor sale. 3. How to Post the Entries in Books of Accounts. incase If We are Sale the Old Tractor on Loss, How to Post the Entry in Books.
05 May 2022
1 HSN code 87 12% GST applicable on profit. 2 Show it under sale of goods only the profit amount. In case of loss sale no need to pay GST and show it in GST return. 3 Debit loss on sale.
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