To record sales transaction with tax on MRP
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select the customer name in the Party’s A/c Name field.
3. Select the required Sales Ledger.
4. Select the stock item for which Calculate VAT on MRP is enabled.
To create stock item with MRP
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Press F12:Configure.
o Set the option Allow MRP/Marginal for stock items to Yes.
o Press Ctrl+A to save.
3. Enter the stock item name in Name field.
4. Select the required group in Under field.
5. Select the unit of measure in the Units field.
6. Select the option Applicable in the VAT Applicable field.
7. Enable Set/alter VAT Details.
o Entre Tax Rate.
o Select the option Taxable in Type of Tax field.
o Set the option Calculate VAT on MRP to Yes.
o Press Ctrl+A to save.
8. Enable Set/alter MRP details to Yes.
o Enter the MRP value in the MRP Rate field of MRP Details screen.
o Press Enter.
9. Press Enter to Save.
o Select the Godown name and enter Quantity and Rate for the item.
o Press Enter.
5. Select the common VAT ledger. The rate will be calculated automatically based on MRP of the item.
Ledger must be grouped under Duties & Taxes with the following settings:
● Type of Duty/Tax is set to VAT. (CST in case of interstate sales)
● Use for Purchase Tax is disabled.
● Percentage of Calculation is set to 0.
6. Select additional tax ledger.
7. Click A: Tax Analysis button to display the Tax Analysis screen.
o Click F1: Detailed button to view the names of stock items. The Tax Analysis screen appears as shown below:
o Press Esc to return to voucher.
The sales invoice appears as shown below:
8. Press Enter to save.
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