You can create stock groups and set if the VAT is applicable for the stock groups. You can also set the MRP in the stock group master along with state-wise rates for the groups.
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. Set the option Should quantities of items be added? to Yes.
5. Enable the option Set/alter VAT details?.
6. Enter relevant details in the VAT Details screen. 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 it is applied, rest of the options will disappear and cursor returns to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Enter the Tax Rate. If tax rate entered in more than 0, the Tax Type displays Taxable. If tax rate is 0, the Tax Type can be selected as Exempt or Tax Free.
7. Press Enter to save.
The Stock Group Creation screen appears as shown below:
8. Press Enter to save.
Defining Nature of Goods and Commodity Details
To define commodity details and nature of goods
1. Click F12: Configure and set the following options to Yes:
o Provide nature of goods.
o Provide commodity details.
o Set type of goods.
2. Press Ctrl+A to save.
3. Select the Type of Goods.
4. Select the Nature of goods as Manufactured or Lower Rate as per requirement.
5. Enter the Commodity name.
6. Enter the Commodity code.
7. Enter the Reporting UoM.
8. Enter the Tax rate and Surcharge.
9. Press Enter to save.
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