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. If the selected stock group is predefined with tax rate and commodity details, these are applied to the stock item. If Primary is selected, the 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.
o On selecting it, the Stock Group Creation screen is displayed.
OR
● Specify VAT details.
o Press Enter.
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 the 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.
7. Enter the VAT Details. The Stock Item Creation screen appears as shown below:
To specify the VAT rate for the stock item in the VAT Details screen
● Select a user defined VAT classification.
o On selecting a user defined VAT classification, the Stock Item Creation screen is displayed.
OR
● Specify VAT details.
o Select Undefined in the option Classification and press Enter.
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 the Exempt or Tax Free as the Tax Type.
To specify the Type of Goods, Nature of Goods, Commodity Name and Code
1. Click F12: Configure in VAT Details screen.
2. Set the following options to Yes:
● Set type of goods?
● Provide commodity details?
● Provide schedule details?
3. Press Enter to save the Configuration and return to the VAT Details screen.
4. Select the Type of goods.
5. Enter the Commodity name and Commodity code.
6. Enter the Tax rate. If tax rate is zero, select the applicable Tax type.
7. Select the Schedule from List of Schedules/Groups.
8. Press Enter to save.
8. Press Enter to save.
To enable the MRP feature while creating a stock item
1. Click F12: Configure in Stock Item Creation screen.
2. Enable the option Allow MRP/Marginal for stock item.
3. Press Ctrl+A to save the screen and return to the Stock Item Creation screen.
4. Enable Set/alter MRP details.
5. Enter the MRP Rate. The MRP Details screen appears as shown below:
6. Press Enter.
To specify the MRP for a stock item in different states
1. Click F12: Configure in MRP Details screen of the stock item master.
2. Enable the 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 Ctrl+A to save.
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