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 from the option Under.
4. Enable the option Set/alter VAT details to view the VAT Details screen.
5. Enter the relevant 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.
o Any of the user-defined classification. Once applied, the other options disappear and cursor returns to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Enter the Commodity Name and Commodity Code. To view the list of commodities already created, click C:Helper.
3. Enter the Tax rate.
4. Select Tax Type.
5. Select the Schedule from List of Schedules/Groups, if required.
6. Click F12: Configure to configure additional details. The VAT Details screen appears as shown below:
The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
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