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. If the stock group is predefined with tax rate and commodity details, the same gets applied to the stock. If it is set to Primary, tax and commodity which are specific to the stock item can be defined.
4. Select the required unit of measurement in Units field.
5. Set the option VAT Applicable to Applicable.
6. Enable the option Set/alter VAT details? if the item is not grouped under stock group predefined with tax details.
To specify the VAT rate for the stock item
1. Select Undefined as the Classification n VAT Details screen, if unique tax rate and commodity details have to be defined.
In case any user-defined Classification is applied, rest of the options will disappear and cursor returns to Stock Item Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Enter the Commodity name and Commodity code or select using Ctrl+C: Helper option.
3. Enter the Tax rate and Additional tax.
Note: If the Tax rate entered is above 0, the Tax type appears as Taxable. If Tax rate is entered as 0, the Tax type can be selected as Exempt or Tax Free.
4. Select the Schedule number.
The VAT Details screen appears as shown below:
5. Press Enter to save and return to Stock Item Creation screen.
To provide commodity and schedule details
Click F12: Configure in the VAT Details screen. Set the following options to Yes:
Provide commodity details?, to select commodity name and enter the code.
Provide Schedule details?, to select schedule number.
The Stock Item Creation screen appears as shown below:
7. Press Enter to save.
To enable MRP feature in stock item master
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure in Stock Item Creation screen.
3. Enable the option Allow MRP/Marginal for stock items? and accept the Master Configuration screen.
4. Enable Set/alter MRP details? in Stock Item Creation screen. MRP value to be applicable in different states can also be defined.
To enter MRP applicable on the stock item in different states
1. Click F12: Configure in MRP Details screen of stock item master.
2. Enable option Allow state-wise MRP?.
3. Enter the Applicable From date.
4. Select the State Name from the List of States.
5. Enter the MRP Rate for the specific state. The MRP Details screen appears as shown below:
6. Press Enter to save.
5. Enter the MRP Rate in the MRP Details screen.
6. Press Enter to save the MRP Details.
7. Press Ctrl+A to save the item master.
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