To create a stock item
Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
Enter the Name of the stock item.
Select the required group in Under field.
Select the required unit of measurement in Units field.
Enable the VAT Applicable option.
Set the option Set/alter VAT details to Yes.
Select the required Calculation Type.
Note: Selecting On Item Rate will calculate VAT rate based on the rate specified based on the quantity. If On Value is selected, the vat rate will be calculated from the total assessable value.
The rate specified based on the item rate appears as shown below:
Press Enter to save.
Press Enter to save the VAT Details screen.
Press Enter to save.
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