Stock items are the primary entity for trade (sell and purchase). Stock items can be created with MRP applicable globally or for specific state.
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 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.
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 save 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 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 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
o 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 Commodity name and Commodity code.
3. Select the Reporting UoM.
4. Enter the Tax rate.
5. Press Ctrl+A to save the VAT Details screen.
7. Enable the option Set/alter VAT details if the stock item does not belong to a stock group that has predefined tax rate.
8. Enter the tax details for the stock item in the VAT Details screen. The Stock Item Creation screen appears as shown below:
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.
Or
● 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. 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. Select the required Calculation type.
6. Enter the Tax rate.
7. Select the required Schedule.
The VAT Details screen appears as shown below:
8. Press Enter to save the VAT Details screen.
.
9. Press Enter to save.
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 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 details which are 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 view the Stock Group Creation.
● Specify VAT details.
o Select Undefined as the Classification in 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, and select Exempt or Tax Free as the Tax type.
4. Select the required unit of measurement in Units field.
5. Set VAT Applicable to Applicable.
6. Enable Set/alter VAT details?.
7. Enter the tax details for the stock item in the VAT Details screen. The Stock Item Creation screen appears as shown below:
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.
Or
● 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. Click F12: Configure to configure additional details.
3. Select the required Type of Goods.
4. Enter the Commodity name and Commodity code.
5. Select the required Calculation type.
6. Enter the Tax rate.
7. Select Fourth Schedule in the field Schedule.
The VAT Details screen appears as shown below:
8. Press Enter to save the VAT Details screen.
8. Press Enter to save.
Similarly, you can create other Fourth Schedule goods and define their respective tax rate.
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