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 display the VAT Details screen and provide the relevant details. The VAT Details screen appears as shown below:
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.
2. Select the Type of goods. This option appears when the option Set type of goods? is enabled in the Configuration screen.
3. Enter the Commodity Name and Commodity Code.
4. Enter the Tax Rate. If the Tax Rate entered is above 0, the Tax Type appears as Taxable. If Tax Rate is entered as 0, the Tax Type can be selected as Exempt or Tax Free.
5. Select the Schedule from List of Schedules/Groups.
5. Press Enter to save. The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
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