Stock items are tradeable goods. You can create a stock item inventory master, and select the same in transactions. Stock items can be created with MRP applicable globally or for specific state.
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Enter the Name of the stock item.
3. Select the required group in the Under field. If the selected stock group is predefined with tax rate and commodity details, these are applied to the stock item. If Primary is selected, the tax and commodity details specific to the stock item can be defined.
4. Select the required unit of measurement in Units field.
5. Set the option VAT Applicable to Applicable.
6. Enable the option Set/Alter VAT Details. Enable this option if the item is not included in a stock group defined with tax details.
To specify the VAT rate for the stock item in the VAT Details screen
The VAT rate can be specified in either one of the following ways:
● Select a user defined VAT classification.
To create a user defined classification
Enable the option to define tax and commodity details in masters.
To enable the option to define tax and commodity details in masters
1. Go to Gateway of Tally > F11: Features > Statutory & Taxation.
2. Set the option Define VAT commodity and tax details as masters to Yes.
3. Press Ctrl+A to save the Company Operations Alteration screen.
Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
Enter the Name of the new classification.
Enter the applicability date with the corresponding tax rates in Applicable From and Tax Rate columns.
The Stat Classification Creation screen appears as shown below:
Press Enter to save.
To define Nature of Transaction in the Stat Classification Creation screen
Click F12: Configure.
Set the options Enable nature of transaction? and Provide commodity details? to Yes.
Press Ctrl+A to save and return to the Stat Classification Creation screen.
Select the required Nature of Transaction.
Enter the Commodity Name and Commodity Code.
The Stat Classification screen appears as shown below:
Press Enter to save.
o On selecting a user defined VAT classification, the Stock Item Creation screen is displayed.
● Specify VAT details
o Press Enter.
o Enter the Tax Rate and Cess. If the Tax Rate entered is above 0, the Tax Type automatically appears as Taxable.
o Enter 0 as the Tax Rate, to select the Exempt or Tax Free as the Tax Type.
To provide additional tax/rate details
1. Enable Set/alter tax/rate details.
2. Press F12: Configure to view the Configuration screen.
3. Set the following options to Yes, if required.
o Set type of goods?
o Provide nature of goods?
o Provide commodity details?
Note: The Helper button is displayed if Provide commodity details? is enabled.
o Provide schedule details?
4. Select Type of goods.
5. Select Nature of goods.
6. Press Ctrl+C to use the helper and select the Commodity name. Using the helper automatically updates the Commodity Code.
To use the helper to select Commodity name
Press Ctrl+C to enable the helper.
Select the Commodity name.
Using the helper automatically updates the Commodity Code.
7. Press L: Details to specify different VAT rates with separate Applicable From dates.
To specify different VAT rates with separate Applicable From dates
1. Press L: Details.
2. Enter Applicable From date.
3. Enter Commodity Name.
Note: Press Ctrl+C to use the Helper. Commodity names can be selected from the List of Commodities and the corresponding Commodity Code is automatically displayed.
4. Enter Commodity Code, if Helper is not used.
5. Select Type of Goods.
6. Select Nature of Goods.
7. Select schedule from the List of Schedules/Groups.
8. Enter Schedule Serial No.
9. Enter Tax Rate. Press enter without specifying the rate to select Exempt or TaxFree in the Taxability column.
10. Enter Cess.
The VAT Rate Details screen appears as shown below:
8. Enter the Tax rate. Press enter without specifying the rate to select Exempt or Tax Free in the Tax type field.
9. Enter Cess.
10. Select the Schedule from the List of Schedules/Groups.
11. Enter Schedule Serial No.
The VAT Details screen appears as shown below:
12. Press Enter.
13. Press Ctrl+A to save the Stock Item Creation screen.
The Stock Item Creation screen appears as shown below:
7. Press Enter to save.
To enable the MRP feature while creating a stock item
1. Click F12: Configure in the Stock Item Creation screen. In the configuration screen,
o Enable the option Allow MRP/Marginal for stock items?.
o Press Ctrl+A to accept the Master Configuration screen.
2. Enable Set/alter MRP details? in the Stock Item Creation screen.
3. Set the option Allow MRP modification in voucher? to Yes, to enable altering the MRP rate while recording the voucher.
4. Enter the MRP Rate. The MRP Details screen appears as shown below:
5. Press Ctrl+A to accept the item master.
To specify the stock item's MRP in different states
1. Click F12: Configure in MRP Details screen of the stock item master.
2. Enable the option Allow state-wise MRP.
3. Enter the Applicable From date.
4. Select the State Name from the List of States.
5. Enter the MRP Rate.
The MRP Details screen appears as shown below:
6. Press Ctrl+A to save.
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