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https://help.tallysolutions.com/docs/te9rel51/Tax_International/Botswana/VAT_Commodity_Stock_Item.htm

VAT Commodity & Stock Item

VAT Commodity

To create a VAT Commodity

Go to Gateway of Tally > Inventory Info. > VAT Commodity > Create

  1. Enter the Name of VAT Commodity as Agricultural Products.

  2. In the Used for field, select VAT.

  3. In the VAT section, enter the Commodity Code if any. This can also be the item code.

  4. Enter the details about the VAT Commodity in Notes if required.

  1. Press Y or Enter to accept the VAT Commodity Creation screen.

Stock Items

To create a stock item,

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

  1. Enter the Name as Rice.

  2. Select the group as Primary in the Under field.

  3. Select the unit of measurement as MT in the Units field. (The Unit of Measure can be created by using the key combination Alt+C in the Units field).

Note: To create an alternate unit kgs for the unit of measure MT press F12: Configure in Stock item creation screen and set the option - Use Alternate Units for Stock Items to Yes, then select the Unit of measure for primary and alternate units, for example, 1000Kgs = 1 MT.

  1. In the Commodity field, select the VAT Commodity as Agricultural Products. In case where the VAT Commodity Code is entered in the Commodity master, the same will be displayed along with the Commodity Name in the List of VAT Commodities.

  1. Enter the Rate of VAT as 12% as it is a taxable item.

  1. Press Y or Enter to accept and save.

Note: Multiple Stock items can be tagged to a single VAT Commodity.

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