Create stock groups for classifying items based on common features. You can also apply a common tax rate for all items in a stock group.
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 in the Under field.
4. Enable the option Set/alter VAT details to view the VAT Details screen.
5. Enter the required details in the VAT Details screen.
To specify the VAT rate for the stock group
1. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
Or
o Any of the user-defined Classification. Once it is applied, rest of the options will disappear and cursor returns to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Click F12: Configure to configure additional details.
In the Configuration screen,
● Enable the following options to Yes:
o Set type of goods
o Provide commodity details
o Provide schedule details
● Press Enter to save.
3. Select the required Type of Goods.
4. Enter the Commodity name and Commodity code.
5. Enter the Tax rate.
6. Select the required Schedule.
The VAT Details screen appears as shown below:
7. Press Enter, and return to the Stock Group Creation screen.
Note: Commodity details can be provided by enabling the option from F12: Configure.
The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
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