To pass this entry through GST Docs, you need to open two stock items in stock
master, namely: –
1. Used Car (Sale)
2. Used Car (Profit
Element)
In GST info window, check the “Advanced Columns” check box and mention the Car account in the column “Outward Supplies / Sale A/c Head” against both the above items.
You should mention ‘GST 18%’ against the item “Used Car (Profit Element)” and ‘Exempted’ against the item “Used Car (Sale)”.
When you make the sale document, you should enter the amounts as
under: –
1. Car @ Rs. 2,50,000/-
2. Car (Profit Element) @ Rs.
50,000/-
Following entry will be generated: –
XYZ & Co. : Dr.
3,59,000/-
Car Account : Cr. 2,50,000/-
Car Account : Cr. 50,000/-
CGST
: Cr. 4,500/-
SGST : Cr. 4,500/-
You may see the voucher by pressing Ctrl+F5. You will observe that ‘Exempted’ GST Class is attached with the row in which Rs. 2,50,000/- is credited and ‘GST 18%’ class is attached with the row in which Rs. 50,000/- is credited.