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Creating Stock Item for Custom Duty (Excise for Importer)

In Tally.ERP 9, you can create stock items with the applicable excise details.

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 stock group in the field Under.

4.    Select the required Units.

5.    Select Applicable in the field Is Excise Applicable?

6.    Enable the option Set/alter excise details?.

o     Enter Tariff Name.

o     Enter HSN code.

o     Select the Reporting UOM.

o     The cursor skips the field Valuation Type. To modify it, click F12: Configure.

o     Enter the Rate of duty.

The completed Excise Tariff Details screen appears as shown below:

o     Press Enter to save.

7.    Enter the Conversion Factor.

o     To convert the unit of measure defined in the Units field to the Reporting UOM predefined in the selected Excise Classification.

8.    Select Applicable in the field VAT Applicable?, if required.

9.    Enable the option Set/alter VAT details?, if required.

10.  Enter the Opening Balance, if required. The completed stock item creation screen appears as shown below:

11.  Press Enter to accept.