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 the Under field.
Note: If the selected stock group is predefined with tax rate and commodity details, the same gets applied to the stock item. If it is set to Primary, tax and commodity details specific to the stock item can be defined.
To specify the VAT rate for the stock group in the VAT Details screen
● Select a user defined VAT classification.
To create a user defined classification
1. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
2. Enter the Name of the new classification.
3. Enter the applicability date with the corresponding tax rates in Applicable From and Tax rate columns.
4. Press Enter to save.
To define Nature of Transaction in the Stat Classification Creation screen
1. Click F12: Configure.
2. Set the options Enable nature of transaction? and Provide commodity details? to Yes.
3. Press Ctrl+A to accept and return to the Stat Classification Creation screen.
4. Select the required Nature of Transactions.
5. Enter the Commodity Name and Commodity Code.
6. Select the required Reporting UoM.
7. Press Enter to save.
o On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.
● Specify VAT details
o Select the option Undefined in the Classification field of VAT Details screen.
o Enter the Tax rate. If the Tax rate entered is above 0, the Tax type automatically appears as Taxable.
o Enter 0 as the Tax rate, to select Exempt or Tax Free as the Tax type.
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? if the item is not grouped under a stock group predefined with tax details.
To specify the VAT rate for the stock item in the VAT Details screen
1. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
OR
2. Select a user defined VAT classification.
To create a user defined classification
Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
Enter the Name of the new classification.
Enter the applicability date with the corresponding tax rates in Applicable From and Tax Rate columns.
Press Enter to save.
To define Nature of transaction in the Stat Classification Creation screen
Click F12: Configure.
Set the options Enable nature of transaction and Enable commodity details to Yes.
Press Ctrl+A to save and return to the Stat Classification Creation screen.
Select the required Nature of transaction.
Enter the Commodity Name and Commodity Code.
Press Enter to save.
o On selecting a user defined VAT classification, the Stock Item Creation screen is displayed.
OR
● Specify VAT details
o Press Enter.
o Enter the Tax rate.
o Enter the Tax type.
o Select the Schedule, as required.
To specify the Type of Goods, Nature of Goods, Commodity Name and Code
1. Click F12: Configure in the VAT Details screen.
2. Set the options Enable type of goods, Enable Nature of Goods, Provide commodity details to Yes.
3. Press Ctrl+A to save the screen and return to the VAT Details screen.
4. Select the required option in the Type of Goods and Nature of Goods fields.
5. Enter the Commodity Name and Commodity Code.
The Stock Item Creation screen appears as shown below:
7. Press Enter to save.
To enable the MRP feature while creating a stock item
1. Click F12: Configure in Stock Item Creation screen.
In the configuration screen,
1. Enable the option Allow MRP/Marginal for stock item.
2. Press Ctrl+A to accept the Master Configuration screen.
2. Enable Set/alter MRP details.
3. Enter the MRP Rate.
The MRP Details screen appears as shown below:
4. Press Ctrl+A to accept the item master.
To enter MRP applicable on the stock item in different states
1. Click F12: Configure in MRP Details screen of the stock item master.
o Enable the option Allow state-wise MRP? and press Enter.
2. Enter the Applicable From date.
3. Select the State Name from the List of States.
4. Enter the MRP Rate for each state.
5. Press Ctrl+A to accept.
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