You can create vouchers for sales of items attracting VAT on MRP.
To record sales transaction with tax on MRP
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select the customer name in the Party’s A/c Name field.
3. Click F12: Configure.
● Set the option Allow MRP modification in voucher to Yes, to enable altering the MRP rate while recording the voucher.
● Press Ctrl+A to accept.
4. Select the required Sales Ledger.
5. Select the stock item for which Calculate VAT on MRP is enabled and enter the Quantity, and Rate.
To create stock item with MRP
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure.
o Set the option Allow MRP/Marginal for stock items? to Yes.
o Press Ctrl+A to accept.
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?.
o Enter the Tax rate. Tax type is set as Taxable if tax rate is above 0.
o Set the option Calculate VAT on MRP? to Yes.
o Press Ctrl+A to accept the VAT Details screen.
8. Enable Set/alter MRP details? to Yes.
o Set the option Allow MRP modification in voucher to Yes, to enable altering the MRP rate while recording the voucher.
o Enter the MRP value in the MRP Rate field of MRP Details screen.
o Press Enter.
9. Press Enter to save.
6. Select the common VAT ledger. The rate will be calculated automatically based on MRP defined for the item.
The ledger must be grouped under Duties & Taxes in which the options:
● Type of duty/tax set to VAT (CST in case of interstate sales).
● Percentage of Calculation (eg 5)? set to 0.
7. Set the option Provide VAT Details? to Yes to view the Statutory Details screen.
In the Statutory Details screen,
o Select the Point of Sale.
Note: The option Point of Sale appears if the Schedule is set to Schedule IV for the stock item selected in the invoice.
o Press Enter to save and return to sales invoice.
8. Enter Narration, if required.
The sales invoice appears as shown below:
9. Press Enter to save.
'Sales at MRP (Madhya Pradesh)' has been shared with
