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Creating Stock Groups (Punjab)

You can create stock groups and assign state specific VAT rates to every stock group. Once the VAT rate is applied at the stock group level, all stock items under the specific group will reflect the tax rate assigned to the stock group. However, you can override this while recording a transaction.

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 in the Under field.

4.    Enable Set/alter VAT details to display the VAT Details screen and provide the relevant details. The VAT Details screen appears as shown below:

5.    Press Enter to save. The Stock Group Creation screen appears as shown below:

6.    Press Enter to save.

Select Type of Goods, Trade Name and Commodity Details

To select type of goods, trade name, and provide commodity details

1.    Click F12: Configure in VAT Details screen, and set the following options to Yes:

o     Set type of goods?

o     Provide Trade Name?

o     Provide commodity details?

2.    Press Ctrl+A to accept the Configuration screen.

3.    Select the Type of goods as required.

4.    Press Ctrl+C to select the Trade name.

5.    Select the Commodity name.

6.    Enter the Commodity code.

7.    Select the Calculation type.

8.    Enter the Tax rate and Surcharge based on the Calculation type.

9.    Press Enter to save.