To create a stock group
1. Go to Gateway of Tally > Inventory Info. > Stock Groups > Create.
2. Enter the Name of the stock group.
3. Select the required group from the option Under.
4. Enable the option Set/alter VAT details to display the VAT Details screen and provide the relevant details. The VAT Details screen appears as shown below:
To specify the VAT rate for the stock group
1. Set the Classification option in VAT Details screen to:
● Undefined if unique tax rate and commodity details have to be defined.
● Any of the user-defined Classification. Once applied, the other options disappear and cursor returns to Stock Group Creation screen.
2. Enter the Commodity Name and Commodity Code. To view the list of commodities already created, press Ctrl + C click button C:Helper.
3. Enter the Tax rate. 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 from List of Schedules/Groups, if required.
5. Press Enter to save.
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