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Changing the period of VAT Rate Setup
Changing the stock group of a stock item
To set VAT rates
1. Go to the VAT Rate Setup screen.
o Go to Gateway of Tally > Inventory Info. > Tax Rate Setup > VAT or,
o Go to Gateway of Tally > Display > Statutory Reports > VAT > Tax Rate Setup.
The VAT Rate Setup screen appears as shown below:
2. Select a single, or multiple stock groups or stock items.
3. Click S: Set Rate to view the Set VAT Details screen.
Note: If a stock group is suffixed by * (i.e. the stock items grouped therein have different tariff rates), a single tariff rate cannot be set for this stock group. In this case, a sub group can be created for all the stock items having the same tariff rate or tariff can be set at item level.
4. Click F12: Configure to enter commodity details, if required.
To enter details of nature of goods and commodity details
1. Press F12: Configure in the Set VAT Details screen.
2. Enable the option Provide commodity details?
3. Press Enter.
5. Click L: Details to view all VAT rates used for the stock item. Different VAT rates with their Applicable From date can also be specified.
To specify different dates from which various VAT rates would be applicable
1. Press L: Details.
2. Enter the Applicable From date.
3. Enter Commodity Code. If the helper is used, Commodity Code is displayed automatically after commodity is selected.
4. Select Reporting UoM.
5. Select Nature of Goods.
6. Enter Tax Rate.
Enter 0% Tax Rate to select an exemption type.
7. Enter tax rates for other taxes like additional tax, cess, surcharge etc. as applicable.
8. Press Ctrl+A to save the screen.
Note: VAT details are displayed automatically in the Set VAT Details screen if information is specified by pressing L: Details.
6. Enter Tax rate.
The Set VAT Details screen appears as shown below:
7. Press Enter to save the screen.
The VAT Rate Setup screen with all rate details set for a stock item, appears as shown below:
Note: If tariff rate is set at stock group level, the same rate gets inferred to all the stock items grouped therein. The inferred rates appear in brackets in Current Tariff Configuration column.
To change the period of VAT Rate Setup
1. Press F2: Period in the VAT Rate Setup screen.
2. Specify the date range to view VAT rates of stock items.
Note: The VAT Rate Setup screen displays information from the current date, till the first day of the previous month. Specify a date range that covers all VAT rate changes over a period of time.
To change the stock group of a stock item
1. Press T: Alter Group in the VAT Rate Setup screen. The Alter Stock Group for Selected Item(s) screen appears as shown below:
2. Select a stock group to move the stock item.
Note: Select a stock group in the VAT Rate Setup screen. Press Alt+C to create a new stock sub-group under any of the existing groups. Stock items can be moved to the new sub-group. This makes it easy to group stock items with the same VAT rates. Any rate changes can be applied to the whole sub-group without having to change them manually for each stock item.
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