To create a VAT Commodity
Go to Gateway of Tally > Inventory Info. > VAT Commodity > Create
Enter the Name of VAT Commodity as Kente Print Fabric
In the Used for field, select VAT
In the VAT section, enter the Commodity Code which can also be the item code
Enter the details about the VAT Commodity in Notes if required
Accept the VAT Commodity Creation screen.
To create a stock item,
Go to Gateway of Tally > Inventory Info. > Stock Items > Create
Enter the Name as Kente Print Fabric
Select the group as Primary in the Under field
Select the unit of measurement as Nos in the Units field. (The Unit of Measure can be created by using the key combination Alt+C in the Units field)
In the Commodity field, select the VAT Commodity as Kente Print Fabric.
The VAT Commodity Code will also be displayed along with the Commodity Name in the List of VAT Commodities
Enter the Rate of VAT as 12.5% if it is a taxable item.
Set NHIL Exempted to No if it is a taxable stock item.
Press Y or Enter to accept and save.
Note: The Name of VAT Commodity and Stock Item need not be the same. Multiple Stock items can be tagged to a single VAT Commodity.
'VAT Commodity and Stock Item (Ghana)' has been shared with
