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.
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 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.
To specify the VAT rate for the stock group in the VAT Details screen
● Select a user defined VAT classification. On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.
OR
● Specify VAT details
o Enter the Tax rate. 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.
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 grouped under a stock group defined with tax details.
To specify the VAT rate for the stock item in the VAT Details screen
● Select a user defined VAT classification. On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.
To create a user defined classification
1.Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
2.Enter the Name of the new classification.
3.Enter the applicability date with the corresponding tax rates in Applicable From and Tax Rate columns.
4.Press Enter to save.
To define Nature of Transaction in the Stat Classification Creation screen
1.Click F12: Configure.
2.Set the options Enable nature of transaction? and Provide commodity details? to Yes.
3.Press Ctrl+A to save and return to the Stat Classification Creation screen.
4.Select the required Nature of Transactions.
5.Enter the Commodity Name and Commodity Code.
6.Press Enter to save.
OR
● Specify VAT details
o Enter the Tax rate. 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 VAT 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?
o Press Ctrl+A.
4. Select Type of goods.
5. Select Nature of goods.
6. Enter the Commodity name and Commodity code.
7. Press L: Details to specify different VAT rates with separate Applicable From dates, if required.
To specify different VAT rates with separate Applicable From dates
1. Press L: Details.
2. Enter Applicable From date.
3. Enter Commodity Name.
4. Enter Commodity Code.
5. Select Type of Goods.
6. Select Nature of Goods.
7. Enter Tax Rate. Press enter without specifying the rate to select Exempt or Tax Free in the Taxability column.
The VAT Rate Details screen appears as shown below:
8. Press Enter.
8. Enter the Tax rate. Press enter without specifying the rate to select Exempt or Tax Free in the Tax type field.
The VAT Details screen appears as shown below:
9. Press Enter.
10. 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 MRP feature in stock item master
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 for different states
1. Click F12: Configure in MRP Details screen of the stock item master.
2. Enable the option Allow state-wise MRP?. The MRP Details screen changes to display Applicable From, State Name, and MRP Rate columns.
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 with state-wise MRP rates appears as shown below:
6. Press Ctrl+A to save.
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