Gst on old tractor Sale
This query is : Resolved
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.
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.
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
