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 in the Under field.
4. Set the option Can Quantities of items be ADDED? to Yes.
5. Enable the option Set/alter VAT details?.
6. Enter relevant details in VAT Details screen. 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 it is applied, rest of the options will disappear and cursor returns to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Enter the Tax Rate. If tax rate entered in more than 0, the Tax Type displays Taxable. If tax rate is 0, the Tax Type can be selected as Exempt or Tax Free.
7. Press Enter to save.
The Stock Group Creation screen appears as shown below:
8. Press Enter to save.
Defining Nature of Goods and Commodity Details
To define commodity details and nature of goods
1. Click F12: Configure and set the following options to Yes:
● Enable Nature of Goods.
● Enable Commodity Details.
2. Accept the Configuration screen.
3. Select the Nature of Goods as Manufactured or Not Applicable as per requirement.
4. Press Ctrl+C (helper button) and select the Commodity Name.
5. Enter the Commodity Code.
6. Enter the tax rates.
7. Press Enter to save.
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