When a business deals with multiple stock items which can be classified into groups, VAT/CST rates can be defined at the group level.
To define VAT rate for stock groups
1. Go to Gateway of Tally > Inventory Info. > Stock Groups > Alter .
2. Enable the option Set/alter VAT details to view the VAT Details screen, as shown below:
3. Select the Type of goods and Commodity name .
4. Enter the Commodity code .
5. Enter the rate of VAT in the field Tax Rate . The VAT Details screen appears as shown below:
6. Press Enter to view the screen Revised Applicability screen.
o Enter the revised applicability date in the field Applicable from .
o Press Enter .
7. Press Enter to save.
More:
How do I define tax at company level?
How do I define tax at group level?
What is the hierarchy followed for picking tax details in VAT?
The tax rate and VAT details is captured in the following order:
● VAT classification
● Ledger
● Account Group
● Stock Item
● Stock Group
● Company
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