Creating Stock Items - Maharashtra

To create a stock item

1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.

2. Enter the Name of the stock item.

3. Select the required group in Under field.

4. Select the required unit of measurement in Units field.

5. Enable the VAT Applicable option.

6. Set the option Set/alter VAT details to Yes

To enter the VAT Details screen

• Click F12: Configure.

• Enable Allow commodity details and Allow Inclusive of Tax if required.

• Based on the requirement,  create the classification as per the procedure given in Creating Classifications topic or select from the list of predefined classifications or set it to Not Applicable.

Note: Each of the classification/nature of transaction will be displayed for selection in the VAT/Tax Class field of the invoice.

• Enter Commodity Name, Main Commodity Code and Sub Commodity Code.

• Enter the Tax Rate. If the tax rate is:

• Zero, select the Tax Type as Exempt or Tax Free.

• Greater than zero, the tax type sets to Taxable and the option, Tax inclusive of item rate will be displayed.

• Press Enter to save the VAT Details screen.

8. Press Enter to save.