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 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 from Under field.
4. Enable the option Set/alter VAT details to display the VAT Details screen and provide the relevant details. 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 Tax Rate. If the Tax Rate entered is above '0', the Tax Type appears as Taxable. If Tax Rate is entered as '0', the Tax Type can be selected as Exempt or Tax Free.
5. Press Enter to save.
The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
Defining Nature of Goods and Providing Commodity Details
To select the Nature of Goods
1. Click F12: Configure of VAT Details screen.
2. Set the options Enable Nature of Goods and Enable commodity details to Yes and save the configuration.
3. Select the Nature of Goods in VAT Details screen.
4. Enter the Commodity Name and Commodity Code. The VAT Details screen appears as shown below:
5. Press Enter to save.
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