To record sales transaction with tax on MRP
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales > Tax Invoice.
2. Select the party ledger in Party's A/c Name option.
3. Select the required sales account.
4. Select the stock item for which Calculate VAT on MRP is enabled. The MRP/Marginal field displays the MRP value defined in the stock item.
To create stock item with MRP
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure button.
o Set the option Allow MRP/Marginal for stock items to Yes.
o Press Ctrl+A to save.
3. Enter the stock item name in Name field.
4. Select the required group in Under field.
5. Select the unit of measure in the Units field.
6. Select the option Applicable in the VAT Applicable? field.
7. Enable Set/alter VAT Details.
● Enter Tax Rate and Surcharge in VAT Details screen.
● Enable the option Calculate VAT on MRP?
● Enable MRP Incl. of VAT?, if required.
8. Press Ctrl+A to save.
9. Enable the option Set/alter MRP details?.
10. Enter the MRP value in the MRP Rate field of MRP Details screen.
11. Press Enter to save.
5. Enter Quantity and Rate for the item. Amount appears automatically.
6. Select the common VAT and surcharge ledgers. VAT is automatically calculated on the MRP.
Ledger must be grouped under Duties & Taxes with the following settings:
● Type of duty/tax is set to Surcharge.
● Percentage of Calculation is set to 0.
Ledger must be grouped under Duties & Taxes with the following settings:
● Type of duty/tax is set to VAT (CST in case of interstate sales).
● Percentage of Calculation is set to 0.
7. Click A: Tax Analysis to display the Tax Analysis screen.
8. Click F1: Detailed to view the names of stock items. The Tax Analysis screen appears as shown below:
Note: In the VAT Details screen of stock item, the option MRP Incl. of VAT is set to Yes. Hence, VAT is included in MRP.
9. Press Esc to return to sales invoice. The sales invoice appears as shown below:
10. Press Enter to save.
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