Duty rates can be defined at the ledger level. Based on the requirement of the business, tax configuration can be made either in the ledger master or in the stock item master.
Scenario: GoIndia is a company that process and supply fuel to fuel stations. They sell petrol and diesel, both branded and unbranded. The duty rates for each one of their stock item is different. They will define the rates of duty in the stock item master level. Let us see how they record the sale of diesel and unleaded petrol.
To define the tariff rate at the stock group level
1. Go to Gateway of Tally > Inventory Info. > Stock Item> Create.
2. Enable the option Set/alter excise details in the Ledger creation screen.
3. Enter tariff details Tariff name, HSN code, and Reporting unit of measure.
4. Enter the excise details as required.
On selecting the duty ledgers created in a transaction, the duty rates are calculated according to the duty rate defined in the stock item master.
The tax analysis of this transaction shows that duty has been calculated for each stock item based on the tax configuration made in the stock items.
'Defining Duty Rates at the Ledger Level (Excise for Importer)' has been shared with