You can create sales voucher with tax on MRP. Enable the option Allow MRP/Marginal for stock items? in F12:Configure while creating the stock item.
To record sales transaction with tax on MRP
1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
2. Select the customer name in the Party’s A/c Name field.
3. Select the required sales account.
4. Select the stock item for which Calculate VAT on MRP is enabled.
To create stock item with MRP
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Click F12: Configure button.
● Set the option Allow MRP/Marginal for stock items? to Yes.
● Press Ctrl+A to save.
3. Enter the stock item name in field Name.
4. Select the required group in field Under.
5. Select the unit of measure in the field Units.
6. Select the option Applicable in the field VAT Applicable?
7. Enable Set/alter VAT Details.
● Enter Tax Rate and select the option Taxable in Type of Tax field of VAT Details screen.
● Set the option Calculate VAT on MRP? to Yes.
● Enable MRP Incl. of VAT?, if required.
● Press Ctrl+A to accept.
8. Enable Set/alter MRP details? to Yes.
9. Enter the MRP value in the MRP Rate/Margin field of MRP Details screen.
10. Press Enter to save.
5. Select the Godown name, and enter Quantity and Rate for the item.
6. Press Enter to save.
7. Select the common VAT ledger. The rate will be calculated automatically based on MRP of the item.
Ledger must be grouped under Duties & Taxes with the following settings:
● Type of Duty/Tax is set to VAT. (CST in case of interstate sales)
● Percentage of Calculation is set to 0.
The sales invoice appears as shown below:
8. Press Enter to save.
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