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, to alter/enter the VAT details, if required.
To enter commodity and VAT details for the stock item
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 Item Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. 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.
3. Press Enter to save the VAT Details screen.
To provide additional details
Click F12: Configure.
Set the following options to Yes:
Enable Set CST rate to enter the CST rate.
Enable Set type of goods, Provide nature of goods, and Provide commodity details as per requirement.
Enable schedule details to select the schedule to which the goods belong to.
Enter the required CST Rate and Tax Rate.
Select the required Type of Goods.
Enter the required Commodity Name and Commodity Code.
Press Enter to save.
7. Enter the Conversion Factor.
The Stock Item Creation screen appears as shown below:
8. Press Enter to save.
To enable MRP feature in stock item master
1. Click F12: Configure in Stock Item Creation screen.
2. Enable the option Allow MRP/Marginal for stock items and accept the Master Configuration screen
3. Enable Set/alter MRP details in Stock Item Creation screen.
4. Enter the MRP.
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. The MRP Details screen appears as shown below:
6. Press Enter to save.
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