You can create a stock item by entering the excise details.
To create a stock item
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Enter the Name of the stock item.
3. Select the stock group or set it to Primary. If the stock item has to be grouped Under a stock group for which tariff details are defined, select the same. Else, group it under Primary.
4. Select the unit of measure in the Units option.
5. Set the options Is Excise Applicable to Applicable.
6. Enable the option Set/Alter Excise Details to Yes.
7. Provide the required details in Excise Tariff Details screen.
In Excise Tariff Details screen, provide details as given below:
● For the Classification option, select:
o Undefined if unique Tariff Details have to be defined for the stock item.
o The user-defined Classification, if it can be applied to this stock item. Once it is applied, unique tariff details are not required to be provided for the stock item and cursor returns to Stock Item Creation screen. Click here to view the detailed procedure of creating Excise Classifications.
● If the Classification is set to Undefined, provide the tariff details which are unique to the stock item.
8. Accept the Excise Tariff Details screen.
9. Enter the Conversion Factor to convert the unit of measure defined in the Units field to the Reporting UOM as provided by the department.
10. Set the options VAT Applicable and Set/alter VAT details as per requirement. Click here for detailed procedure on defining VAT details in stock item.
11. Accept the Stock Item Creation screen.
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