You can create stock groups for classifying items based on common features. You can also apply a common tax rate for all items in a stock group.
To create a stock group
1. Go to Gateway of Tally > Inventory Info. > Stock Groups > Create .
2. Enter the Name of the stock group.
3. Select the required group in the Under field .
4. Enable the option Set/alter VAT details? to view the VAT Details screen. In the VAT Details screen,
1. Set the option Classification to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined VAT Classification .
Note: Once applied, the other options disappear and cursor returns to the Stock Group Creation screen.
2. Enter the Tax rate .
3. Select the Tax type . The VAT Details screen appears as shown below:
Note: For Uttarakhand VAT, tax rate on quantity is not supported.
4. Press Ctrl+A to accept, and return to the Stock Group Creation screen.
The Stock Group Creation screen appears as shown below:
5. Press Enter to save.
Click here for options provided in the stock group master as per state specific requirements of VAT/CST returns and annexures.
In the Stock Group Creation screen of the company enabled for Uttarakhand VAT, an additional option Set/alter sales tax cess? appears as shown below, if cess feature is enabled in the Company Operations Alteration screen:
Set the rate of cess in the Sales Tax Cess screen and press Enter to save.
'Stock Group (VAT)' has been shared with