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 view the VAT Details screen, 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, click C:Helper.
3. Enter the Tax rate.
4. Select Tax Type as Exempt or Tax Free if the Tax rate entered is 0. For Tax Rate values other than zero, the Tax Type appears as Taxable.
5. Select the schedule from List of Schedules/Groups, if required.
5. Provide the details, as required.
6. Press Enter to save.
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